WesternOne Equity Income Fund Completes Conversion to Publicly-Traded Corporation
VANCOUVER, Jan. 2, 2013 /PRNewswire/ - WesternOne Inc. confirmed that the previously announced conversion of WesternOne Equity Income Fund from an income trust structure to a publicly-traded corporation was completed on December 31, 2012. Shares of WesternOne Inc. will trade on the Toronto Stock Exchange under the symbol "WEQ" commencing on or about January 7, 2013. The two currently outstanding series of debentures will continue to trade under the symbols "WEQ.DB.B" and "WEQ.DB.C", respectively.
Under the plan of arrangement for the conversion, investors received one common share in WesternOne Inc. for each trust unit held in WesternOne Equity Income Fund. WesternOne Inc. currently has a total of 21,509,466 common shares issued and outstanding.
Management of WesternOne Inc. anticipates that it will continue in the manner previously established by WesternOne Equity Income Fund by paying a monthly dividend equal to $0.05 per common share of WesternOne Inc. ($0.60 per share annually) to allow for continued internally generated cash flow to support growth while providing sustainable monthly dividends to shareholders. The amount of any dividends payable by WesternOne Inc. from time to time will be at the sole discretion of its board of directors and the level of dividends will be evaluated periodically based on a number of factors, including financial performance, future prospects and capital requirements of the business. The first monthly dividend to be declared by WesternOne Inc. is anticipated to be for the month ended January 31, 2013.
Forward Looking Information
Certain statements in this press release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information includes, without limitation, statements with respect to trading of the common shares and debentures of WesternOne Inc. and the anticipated amount and timing of dividend payments.
Forward-looking information contained in this press release is based on certain key expectations and assumptions made by WesternOne Inc., including, without limitation, expectations and assumptions respecting the outlook of the global economy and WesternOne Inc.'s business in Western Canada and the United States, the supply and demand for WesternOne Inc.'s products and services and management's assessment of future plans and operations. Although the forward-looking information contained in this press release is based upon what the WesternOne Inc.'s management believes to be reasonable assumptions, WesternOne Inc. cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, and a description of these factors can be found under "Risk Factors" in WesternOne Equity Income Fund's Annual Information Form dated March 29, 2012 (the "Annual Information Form") and Management's Discussion and Analysis dated November 14, 2012, which are available on SEDAR (www.sedar.com).
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to WesternOne Inc. The forward-looking information is made as of the date of this press release and WesternOne Inc. assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
About WesternOne Inc.
WesternOne Inc. seeks to acquire and grow businesses in the construction and infrastructure services sectors in order to generate stable and growing dividends to its shareholders as well as to achieve overall capital appreciation.
Additional information relating to WesternOne Inc., including the Annual Information Form and other public filings, is available on SEDAR at www.sedar.com or on WesternOne Inc.'s website at www.weq.ca.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE WesternOne Equity Income Fund