By Staff | December 28, 2007 | Last updated on December 28, 2007
1 min read
Previous Brieflies this week: | MON | TUE | WED | THU |

(December 28, 2007) The Canadian Securities Administrators has revealed that it has made amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activity.

The amendments related to revised standards for the disclosure of resources. In some cases, the changes to the national instrument streamline annual filing requirements.

“Since it was implemented in September 2003, NI 51-101 has been recognized as providing Canada with one of the finest oil and gas disclosure regimes in the world,” says Jean St-Gelais, chair of the CSA. “Through our review and feedback from the market, we identified areas where the rule could be improved. These amendments address these areas and make NI 51-101 more meaningful and understandable to investors.”

• • •

Western Financial announces preferred shares offering

(December 28, 2007) Western Financial Group has announced that it has closed the maximum amount of its offerings of first preferred shares.

The offering of 200,000 shares amounts to gross proceeds of $20 million. Net proceeds of the offering will be used to fund Western Financial’s broker acquisition program, repay indebtedness and for general corporate purposes.

The preferred shares cost $100 a share and will pay a dividend of 6.75% per year.

Investors can also convert the preferred share into a common share of $6.90 at any time.

The preferred shares will be redeemable by Western Financial on or after January 1, 2011.

(12/28/07) staff


The staff of have been covering news for financial advisors since 1998.