VANCOUVER, April 4 /CNW/ - WesternOne Equity Income Fund ("WesternOne
Equity") (TSX: WEQ.UN, WEQ.DB and WEQ.DB.B) today announced the
conversion of $2.48 million principal amount of the 5 year, 9% senior
secured convertible debentures - Series A ("Series A Debentures"), plus
accrued interests thereon, to 600,372 WesternOne Equity Income Fund
units ("Units") at the request of debenture holders for the month of
As of March 31, 2011, $5.32 million principal amount of Series A
Debentures, plus accrued interests thereon, have been converted to
1,286,994 Units since the public offering of Series A Debentures on
August 15, 2006. These additional Units resulted in a market
capitalization of $7.10 million based on a Unit price of $5.52 at the
close of the market on March 31, 2011.
As of March 31, 2011, $4.68 million principal amount of Series A
Debentures and 15,024,018 Units were outstanding.
"The strong demand for Series A Debenture conversions to Units
demonstrates our investors' confidence in our business, through
participating in the equity ownership of WesternOne Equity," stated Mr.
Darren Latoski, CEO of WesternOne Equity. "The debenture conversions
also facilitate a deleveraging of our existing capital structure,
effectively reducing $5.32 million of debt and strengthening our market
capitalization at the same time. We thank our investors for their
ongoing support in making WesternOne Equity a quality yield-based
Certain statements in this press release may constitute
"forward-looking" information that involves known and unknown risks,
uncertainties and other factors, and it may cause actual results,
performance, achievements or industry results, to be materially
different from any future results, performance, achievements or
industry results expressed or implied by such forward-looking
information. Forward-looking information is identified by the use of
terms and phrases such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "project", "will",
"would", and similar terms and phrases, including references to
assumptions. Such information may involve, but is not limited to,
comments with respect to strategies, expectations, planned operations
or future actions.
Forward-looking information included in this press release includes, but
is not limited to, statements with respect to WesternOne Equity's
business and management's assessment of future plans and operations.
Forward-looking information reflects current expectations of management
regarding future events and operating performance as of the date of
this press release. Such information involves significant risks and
uncertainties, should not be read as guarantees of future performance
or results, and will not necessarily be accurate indications of whether
or not such results will be achieved. A number of factors could cause
actual results to differ materially from the results discussed in the
forward-looking information, and a description of these factors can be
found under "Risks and Uncertainties" in WesternOne Equity's Annual
Information Form dated March 31, 2011, which is available on SEDAR (www.sedar.com).
Although the forward-looking information contained in this press release
is based upon what the WesternOne Equity's management believes to be
reasonable assumptions, WesternOne Equity cannot assure investors that
actual results will be consistent with such information.
Forward-looking information reflects management's current beliefs and
is based on information currently available to WesternOne Equity. Such
information reflects current assumptions regarding future events and
operating performance including, without limitation, stability in the
economy in Western Canada, interest rates and the equipment rental and
sales and fuel wholesale markets in which WesternOne Equity operates,
and speaks only as of the date of this press release. The
forward-looking information is made as of the date of this press
release and WesternOne Equity assumes no obligation to update or revise
such information to reflect new events or circumstances, except as may
be required by applicable law.
About WesternOne Equity
WesternOne Equity seeks to acquire businesses in the sector of
construction and infrastructure services, located primarily in the
Western Canadian provinces of British Columbia, Alberta and
Saskatchewan, in order to generate stable and growing distributions to
its unitholders as well as to achieve overall capital appreciation.
Additional information about WesternOne Equity is available at www.weq.ca or www.sedar.com.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE WesternOne Equity Income Fund
For further information:
Andrew Greig, Manager of Investor Relations
WesternOne Equity Income Fund
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 678-4042