Walton Westphalia to convert 8% convertibles into class B shares

By Wendy Van Sickle

Columbus, Ohio, April 24 – Walton Westphalia Development Corp. will convert the principal amount of its 8% unsecured subordinated convertible extendable debentures and related interest debentures as well as accrued interest into class B non-voting shares of the corporation, according to a news release.

The conversion will take place on May 6.

For each C$1,000 principal amount of debentures, holders will receive 2,104.51 class B shares.

In total, the estimated total C$23.9 million of debentures and interest thereon will be converted into approximately 50,408,671 class B shares, bring the total of outstanding class B shares to 53,425,841.

The maturity date of the debentures had been previously extended to March 31, 2020 from March 31, 2019, and the company expects there will not be sufficient funds in the corporation to repay the debentures on the maturity date.

In light of that, the board of directors determined it was appropriate to convert the debentures into class B shares, according to the release.

The Calgary, Alta., company is part of Walton Group of Cos., a multinational real estate investment, planning and development group concentrating on the research, acquisition, administration, planning and development of land in North American growth corridors.

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