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
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.
Additional information about WesternOne 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 Inc.
For further information:
Andrew Greig, Manager of Investor Relations
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 678-4042
E-mail: email@example.com Website: www.weq.ca