Wawanesa buys 897,200 common shares of Western Financial Group

On July 19, Wawanesa Insurance announced it has acquired 897,200 common shares of Western Financial Group Inc. pursuant to a private placement of the Corporation on June 29, 2010.

Wawanesa paid an aggregate of $2,377,580.00 to acquire such common shares ($2.65 per common share). Prior to this purchase, Wawanesa beneficially owned 4,647,499 common shares of the Corporation representing 9.40% of the issued and outstanding common shares prior to giving effect to the private placement (and beneficially held 6,450,952 common shares of the Corporation, if Wawanesa exercised all of its privileges for conversion into common shares, representing 12.64% of the issued and outstanding common shares prior to giving effect to the private placement).

As a result of this purchase, Wawanesa beneficially owns 5,544,699 common shares of the Corporation representing 9.27% of the issued and outstanding common shares (and beneficially holds 7,348,152 common shares of the Corporation, if Wawanesa exercised all of its privileges for conversion into common shares, representing approximately 11.92% of the Corporation’s currently issued and outstanding common shares).

A press release from Wawanesa says it acquired the common shares of the Corporation for investment purposes only. Wawanesa intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Corporation, subsequent developments affecting the Corporation or its business, and general market and economic conditions. Based upon these and other factors, Wawanesa may decide to purchase additional securities of the Corporation or may decide in the future to sell all or part of its investment.

(Note: Prices, including share prices, are accurate as of July 19, 2010.)

Print