By Sheri Kasprzak
New York, June 9 - Western Financial Group Inc. intends to raise C$10 million in a private placement of convertible preferred stock.
The offering includes up to 100,000 preferreds, which pay annual dividends of 6.75%.
The preferreds are convertible into common shares at C$3.60 each.
The preferreds are redeemable after the third anniversary at 95% of the average 20-day trading price before redemption.
The offering is being placed through a syndicate of agents led by Jennings Capital Inc. and including Acumen Capital Finance Partners Ltd.
Based in High River, Alta., Western Financial operates financial service companies in western Canada.
| Issuer: | Western Financial Group Inc.
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| Issue: | Convertible preferred stock
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| Amount: | C$10 million
|
| Shares: | 100,000
|
| Price: | C$100.00
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| Dividends: | 6.75%
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| Conversion price: | C$3.60
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| Call: | Redeemable after the third anniversary at 95% of the average 20-day trading price before redemption
|
| Warrants: | No
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| Placement agents: | Jennings Capital Inc. (lead), Acumen Capital Finance Partners Ltd.
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| Pricing date: | June 9
|
| Stock symbol: | Toronto: WES
|
| Stock price: | C$3.04 at close June 8
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