Western Financial Group announces convertible preferred equity offering


    HIGH RIVER, AB, Aug. 19 /CNW/ - (TSX-WES, WES.PR.A, WES.PR.B) - Western
Financial Group Inc. (the "Company") announced today that it has filed a
preliminary short form prospectus (the "Prospectus") in connection with a
marketed "best efforts" public offering (the "Offering") of first preferred
shares, series five of the Company (the "Preferred Shares"). The Company
intends to conduct the Offering through a syndicate of agents led by TD
Securities Inc., CIBC and RBC Dominion Securities Inc. The Offering will be
priced in the context of the market with the final terms of the Offering to be
determined at the time of pricing. The Preferred Shares will be offered in all
of the provinces of Canada, other than Quebec, and other such jurisdictions as
may be agreed to by the Company and the Agents. The Offering is scheduled to
close on or about September 3, 2009 and is subject to certain customary
conditions and regulatory approvals, including but not limited to the approval
of the Toronto Stock Exchange.
    Net proceeds from the Offering will be used for general corporate
purposes and to fund ongoing capital requirements for the Company's

    Western Financial Group is a leader in providing insurance, financial and
banking services in over 90 communities to more than 500,000 individuals and
businesses in Western Canada through its wholly-owned networked offices, its
affiliated insurance brokers, Western Life Assurance Company and Bank West.
    The Preferred Shares have not been registered under United States
Securities Act of 1933 (the "US Securities Act") or the securities laws of any
state and may not be offered or sold in the United States or to US persons (as
defined in Regulation S under the US Securities Act) unless an exemption from
registration is available.

    Forward-Looking Information

    This press release contains information that constitutes "forward-looking
information" or "forward-looking statements" (collectively "forward-looking
information") within the meaning of applicable securities legislation. This
forward-looking information includes, among others, statements regarding: the
timing of completion of the offering and other expectations, beliefs, plans,
goals, objectives, assumptions, information and statements about possible
future events.
    This forward looking information is based on various assumptions,
including without limitation, the ability to complete the offering and the
size of the offering. Undue reliance should not be placed on forward-looking
information. Forward-looking information is based on current expectations,
estimates and projections that involve a number of risks which could cause
actual results to vary and in some instances to differ materially from those
anticipated by the Company and described in the forward-looking information
contained in this press release. The material risk factors include, but are
not limited to, uncertainties as to changes in capital markets and the
abilities of the parties to complete the transaction generally.
    Forward-looking information is based on the estimates and opinions of the
Company's management at the time the information is presented. The Company
assumes no obligation to update forward-looking information should
circumstances or management's estimates or opinions change, except as required
by law.

For further information:

For further information: on Western Financial Group, please visit
www.westernfinancialgroup.net, or contact: Scott Tannas, President and Chief
Executive Officer, Western Financial Group, (403) 652-2663,

Organization Profile

Western Financial Group

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890