22/08/2009 00:00 AST

Western Financial Group Inc (WES.TO) said it would offer up to C$30 million ($27.4 million) of certain preferred shares at C$100 apiece.

The company said it would offer a minimum of C$15 million and a maximum of C$30 million of preferred shares, and use the proceeds for general corporate purposes and fund ongoing capital requirements of its units.

The preferred shares will be convertible into common shares at any time at the holders option at C$2.81 per common share, Western Financial said.

The preferred shares will be entitled to fixed cumulative cash dividends of C$9.00 per share per annum, the company said.

The financing is expected to close on Sept. 3.

Shares of the High River, Alberta-based company were trading down 7 percent at C$2.10 Thursday afternoon on the Toronto Stock Exchange.


Reuters

Ticker Price Volume
Index Closing Change
NIKKEI 225 36,581.76 -251.51 (-0.68%)
DAX 18,699.40 181.01 (0.97%)
S&P 500 5,626.02 30.26 (0.54%)
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