LÉVIS, QC, Feb. 11 /CNW Telbec/ - Desjardins Financial Group
("Desjardins") announced that it has today purchased 300 First
Preferred Shares, Series 5 ("Series 5 Preferred Shares") of Western
Financial Group Inc. ("Western") through the facilities of the Toronto
Stock Exchange (the "TSX"), representing, assuming the conversion of
such Series 5 Preferred Shares and the conversion of all other issued
and outstanding in-the-money convertible securities, 0.01% of the
The highest price paid by Desjardins for Series 5 Preferred Shares
purchased today was C$147.53 per share and the average price paid per
share was C$147.53.
The aggregate number of Series 5 Preferred Shares acquired by Desjardins
since Desjardins' indirect wholly-owned subsidiary Desjardins Financial
Corporation mailed its offers (the "Offers") to purchase Western Common
Shares, First Preferred Shares, Series 3 and First Preferred Shares,
Series 4 on January 21, 2011 is 1,300 Series 5 Preferred Shares. As of
the close of business on the TSX today, Desjardins owned directly or
indirectly 1,300 Series 5 Preferred Shares representing, in the
aggregate, assuming the conversion of such Series 5 Preferred Shares
and the conversion of all other issued and outstanding in-the-money
convertible securities, 0.06% of the Common Shares.
Desjardins acquired the Series 5 Preferred Shares in furtherance of its
Offers for majority ownership and control of Western. Desjardins
continues to reserve the right in its Offers to acquire additional
Common Shares and convertible securities (including the Series 5
Preferred Shares), up to 5% of the outstanding Common Shares (taking
into account any convertible securities acquired), based on the number
of Common Shares outstanding at the time of the commencement of the
Offers on January 21, 2011.
About Desjardins Group
Awarded the coveted title "Bank of the Year 2010 - Canada" by the UK
magazine The Banker, Desjardins Group is the leading cooperative financial group in Canada
and the sixth largest in the world, with assets of over $175 billion.
Drawing on the strength of its caisse network in Québec and Ontario,
and its subsidiaries across Canada, it offers a full range of financial
products and services to its 5.8 million members and clients.
Desjardins specializes in Wealth Management and Life and Health
Insurance, in Property and Casualty Insurance, in Personal Services, in
Business and Institutional Services. As one of the largest employers in
the country and one of Canada's 10 Most Admired Corporate CulturesTM of 2010, Desjardins is supported by the skills of its 42,200 employees
and the commitment of nearly 6,000 elected officers. For more
information, visit www.desjardins.com.
SOURCE DESJARDINS GROUP
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