Western Financial to repurchase shares

Broker network Western Financial Group (TSX: WES), which also now has it own bank, has received approval to buy back up to 589,958 of its common shares. This represents 5% of the 11,799,163 issued and outstanding common shares.As well, the Toronto Stock Exchange has approved a repurchase of up to $578,755 in aggregate principal amount of 9% convertible unsecured subordinated debentures, representing 5% of the total issue and outstanding (TSX: WES.DB.A).The company says that “from time to time” repurchasing and then cancelling shares and debentures represents an appropriate use of its funds. The group has purchased 25,000 of its common shares in the past 12 months at an average price of $2.50 per share.