CALGARY, ALBERTA--(Marketwire - June 11, 2012) - Further to disclosure requirements of applicable securities laws, Fred Hurdman, portfolio manager, announced that he acquired, by way of regaining control over his clients' fully managed accounts at Raymond James (over which he has sole discretion), control and direction over 1,938,470 trust units ("Units") of WesternOne Equity Income Fund ("WEQ.UN"). The securities were formerly held at DWM Securities Inc where Fred Hurdman was previously a portfolio manager. Hurdman personally owns or has control or direction over 59,450 Units. The Units held in the fully managed accounts, together with his personal holdings, total 1,997,920 Units representing approximately 10.18% of the outstanding Units (non-diluted). Furthermore, Hurdman 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 Hurdman 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 Hurdman it would result in an additional 0.71% or a total of 10.89% of the issued and outstanding Units (non-diluted).
Any Units acquired by Hurdman pursuant to his fully managed accounts, or upon the conversion of the Debenture in accordance with its terms, would be for investment purposes. Hurdman 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 his holdings in the open market or in privately negotiated transactions to one or more purchasers.