Western Financial Group Inc. Renews its Normal Course Issuer Bid
High River, Alberta – March 6, 2009 - Western Financial Group Inc. (the "Company") has received the necessary regulatory approval to make a normal course issuer bid through the facilities of the Toronto Stock Exchange. The Company has been authorized to repurchase a maximum of 2,466,656 of its common shares, representing approximately 5% of the 49,333,127 issued and outstanding common shares as at March 3, 2009. Daily repurchases by the Company will be limited to a maximum of 17,095 common shares, other than block purchase exceptions, based on an average daily trading volume for the last six calendar months of 68,381 common shares. All common shares purchased by the Company pursuant to the bid will be cancelled. The duration of the renewal normal course issuer bid shall extend for a period commencing on March 10, 2009 and ending on March 9, 2010, or on such earlier date as the Company may complete its purchases pursuant to the bid.
Under its previous normal course issuer bid, from March 3, 2008 to March 2, 2009, the Company purchased 163,000 common shares, representing approximately 0.34 percent of the Company’s outstanding shares on February 26, 2008, at an average price of approximately $2.58 per common share.
The Company believes that, from time to time, the repurchase of its common shares represents an appropriate use of its funds.
Western Financial Group is a leader in providing insurance, financial and banking services to more than 450,000 individuals and businesses in 100 communities across Western Canada through its WFG Agency Network locations, affiliated insurance brokers, Western Life Assurance Company and Bank West.
The common shares of the Company are traded on the Toronto Stock Exchange under the symbol "WES".
This press release is not for distribution to any United States news service or otherwise in the United States.
For further information, please contact:
Jodi Greig, Investor Relations Manager
Western Financial Group
Categories: Archived News - 2009
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