Western announces debenture buyback

Broker consolidator network Western Financial Group Inc. (TSE: WES), formerly Hi-Alta Capital Inc., plans on repurchasing its outstanding 10% convertible, redeemable, subordinated debentures (issued in June 1998) for a total payment of $2 million. As part of the arrangement, Western is offering holders a cash payment and/or the option of new 9% convertible, unsecured, subordinated debentures that will mature in February 2007.Western currently has about $6 million in value of original debentures outstanding. The new debentures will carry the same terms as an issue made in February of this year. The new debentures will be convertible at any time at the option of the holder into common shares of Western at a deemed price of 250c a share.