LONDON, ON, May 7 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC), on behalf of 340268 Ontario Limited (340268), announced today that 340268, a long time supporter of PWC, holds 479,508 non-voting Class "B" Preferred shares of PWC, representing approximately 25.11% of the issued and outstanding Class "B" Preferred shares of PWC, and 740,479 common shares of PWC, representing approximately 5.29% of the issued and outstanding common shares of PWC. If all 479,508 Class "B" Preferred shares were converted into PWC commons shares, then 340268 would hold approximately 19.16% of the then current issued and outstanding common shares of PWC.
The Class "B" Preferred shares were acquired by 340268 through the conversion of Series C Promissory Notes of PWC held by 340268 into Class "B" Preferred shares and through private placements of Class "B" Preferred shares. The consideration paid by 340268 under the private placements ranged from $24.30 to $24.60 per Class "B" Preferred share.
Mr. Patrick George, President of 340268, stated that, "I believe that PWC's common shares and Class "B" Preferred shares represent an attractive investment and I believe in their long term value and the strength of PWC. I have known David Taylor, the President of PWC, for many years and have the utmost confidence in him and his team." Mr. George indicates that he acquired such securities for investment purposes only and, subject to applicable securities laws, may acquire additional Class "B" Preferred shares in the future for the same purpose.
Pacific & Western Credit Corp. operates primarily through its wholly-owned subsidiary, Pacific & Western Bank of Canada (PWBank). PWBank, a Schedule 1 chartered bank, is a branchless financial institution. PWBank specializes in providing financing throughout Canada to well established corporations and government entities, including hospitals, school boards, universities and colleges, municipalities, provinces and territories, and federal government agencies.
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SOURCE Pacific & Western Credit Corp.
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