WesternOne Inc. Announces Cash Dividend for March 2014 and the Redemption of all Outstanding 8.5% Convertible Unsecured Subordinated Debentures
VANCOUVER, March 20, 2014 /CNW/ - WesternOne Inc. ("WesternOne") (TSX: WEQ, WEQ.DB, WEQ.DB.B and WEQ.DB.C) today announced that its Board of Directors has approved a cash dividend of $0.05 per share for the month of March 2014 (equivalent to $0.60 per share on an annualized basis). This dividend will be paid on April 15, 2014 to shareholders of record at the close of business on March 31, 2014.
During February 2014, 185,847 common shares were issued at $5.25 per share in connection with the conversion of $964,000 principal amount in 8.5% Convertible Unsecured Subordinated Debentures (plus accrued interest) and 4,698 common shares were issued at $7.50 per share in connection with the conversion of $35,000 principal amount in 8% Convertible Series 2 Unsecured Subordinated Debentures (plus accrued interest). As at February 28, 2014, WesternOne had 31,232,129 common shares, $2,328,000 principal amount of 8.5% Convertible Unsecured Subordinated Debentures, $71,042,000 principal amount of 8% Convertible Series 2 Unsecured Subordinated Debentures and $51,750,000 principal amount of 6.25% Convertible Series 3 Unsecured Subordinated Debentures outstanding.
The policy of WesternOne is to pay cash dividends on or about the 15th day of each month to shareholders of record on the last business day of the preceding month.
WesternOne also announced that it has completed the redemption (the "Redemption") of outstanding 8.5% Convertible Unsecured Subordinated Debentures due December 31, 2015 (the "8.5% Debentures"). Particulars of the Redemption were previously disclosed in WesternOne's February 7, 2014 news release. As at the close of business on March 19, 2014, the last day holders of 8.5% Debentures were entitled to convert their 8.5% Debentures into common shares of WesternOne prior to Redemption, $196,000 principal amount of 8.5% Debentures was outstanding. 28,149 common shares of WesternOne were issued in respect of the Redemption. The 8.5% Debentures will be delisted from the Toronto Stock Exchange at the close of business today.
About WesternOne Inc.
WesternOne seeks to acquire and grow businesses in the construction and infrastructure services sector in order to generate stable and growing dividends to its shareholders and to achieve capital appreciation.
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