VANCOUVER, Jan. 22, 2013 /PRNewswire/ - WesternOne Inc. (TSX :WEQ , WEQ.DB.B and WEQ.DB.C) today announced that its Board of Directors has approved a cash dividend of $0.05 per share for the month of January 2013 (equivalent to $0.60 per share on an annualized basis). This dividend will be paid on February 15, 2013 to shareholders of record at the close of business on January 31, 2013.
On January 2, 2013, WesternOne Inc. confirmed that the previously announced conversion of WesternOne Equity Income Fund ("the Fund") from an income fund trust structure to a publicly-traded corporation was completed on December 31, 2012 (the "Conversion"). During December 2012, 49,786 of the Fund's trust units were issued at $5.25 per trust unit in connection with the conversion of $252,000 principal amount in Unsecured Convertible Subordinated Debentures (plus accrued interest). As at December 31, 2012 and following the Conversion, WesternOne Inc. had 21,509,466 shares, $9,488,000 principal amount of Unsecured Convertible Subordinated Debentures and $81,032,000 principal amount of Extendible Convertible Series 2 Unsecured Subordinated Debentures outstanding.
The policy of WesternOne Inc. is to pay cash dividends on or about the 15th day of each month to shareholders of record on the last business day of the preceding month.
About WesternOne Inc.
WesternOne Inc. seeks to acquire and grow businesses in the construction and infrastructure services sector in order to generate stable and growing dividends to its shareholders and to achieve capital appreciation.
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SOURCE WesternOne Equity Income Fund