Hurdman & Associates Financial Sol. Inc.

May 01, 2012 16:05 ET

Portfolio Manager Files Early Warning Report for WesternOne Equity Income Fund

CALGARY, ALBERTA--(Marketwire - May 1, 2012) - Further to disclosure requirements of applicable securities laws and a press release dated April 2, 2012, Mr. Brent Bullis, portfolio manager, announced that he acquired, by way of acting as interim servicing advisor to existing fully managed accounts (over which he has sole discretion), control and direction over 2,315,357 trust units ("Units") of WesternOne Equity Income Fund ("WEQ.UN"). The securities were held by the accounts fully managed by Mr. Hurdman at the time they became fully managed by Mr. Bullis. The Units held in the fully managed accounts, together with Mr. Bullis' own clients' managed accounts, and Mr. Bullis' personal holdings, total 2,326,557 Units representing approximately 12.16% of the outstanding Units (non-diluted). Furthermore, Mr. Bullis has access to an additional 138,533 Units pursuant to the terms of $1,039,000 of convertible WEQ.DB.C debentures (the "Debentures"), which grants Mr. Bullis, as interim servicing advisor, the option to convert the debt outstanding under such Debentures into Units at a price of $7.50 per Unit. If these Debentures were converted by Mr. Bullis it would result in an additional 0.72% or a total of 12.88% of the issued and outstanding Units (non-diluted). Mr. Hurdman anticipates regaining control and direction over Units of WEQ.UN as portfolio manager at a future date and will update his reporting in accordance with applicable regulations.

The Units were acquired for investment purposes. Mr. Bullis may in the future take such actions in respect of his holdings on behalf of his managed accounts as he may deem appropriate in light of the circumstances then existing, including the purchase of additional Units or other securities of WEQ.UN through the terms of the Debenture, open market purchases or privately negotiated transactions, or the sale of all or a portion of its holdings in the open market or in privately negotiated transactions to one or more purchasers.

A copy of Mr. Bullis' and Mr. Hurdman's related early warning reports filed with the applicable securities commissions are available on SEDAR at www.sedar.com or may be obtained along with further information by contacting Brent Bullis.

Contact Information

  • Brent Bullis
    5470 Calgary Trail NW, Suite 202, Edmonton, AB T6H 4J8
    (780) 944-2700
    (780) 944-2770 (FAX)

    Hurdman & Associates Financial Sol. Inc
    Fred Hurdman
    40 Sunpark Plaza SE, Suite 222, Calgary, Alberta T2X 3X7
    (403) 571-8960
    (403) 571-8966 (FAX)