VANCOUVER, Aug. 18, 2011 /PRNewswire/ - WesternOne Equity Income Fund ("WesternOne Equity") (TSX: WEQ.UN) (TSX: WEQ.DB.B) and (TSX: WEQ.DB.C) today announced that its Board of Trustees has approved a cash distribution of $0.05 per trust unit for the month of August, 2011 (equivalent to $0.60 per trust unit on an annualized basis). This distribution will be paid on September 15, 2011 to unitholders of record at the close of business on August 31, 2011.
In addition, WesternOne Equity announced that during July 2011, 663,420 trust units were issued at $4.20 per trust unit in connection with the conversion of $2,782,200 principal amount in Series A Debentures (plus accrued interest), and 419,539 trust units were issued at $5.25 per trust unit in connection with the conversion of $2,197,000 principal amount in Convertible Unsecured Subordinated Debentures (plus accrued interest). On July 29, 2011, WesternOne Equity redeemed all of its Series A Debentures for $308,289 (including accrued interest). As at July 31, 2011, WesternOne Equity had 16,872,452 trust units, $23,708,000 principal amount of the Convertible Unsecured Subordinated Debentures and $86,250,000 principal amount of the Extendible Convertible Series 2 Unsecured Subordinated Debentures outstanding.
The policy of WesternOne Equity is to pay cash distributions on or about the 15th day of each month to unitholders of record on the last business day of the preceding month.
WesternOne Equity also announced that its Britco Division has entered into an approximately $45 million contract to supply and install a significant workforce housing complex in Alberta. Delivery and Installation is expected to be completed in summer of 2012.
About WesternOne Equity
WesternOne Equity seeks to acquire businesses in the sector of construction and infrastructure services in order to generate stable and growing distributions to its unitholders as well as to achieve overall capital appreciation.
Additional information about WesternOne Equity is available at www.weq.ca or www.sedar.com
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
