Pacific & Western Credit Corp. Announces Normal Course Issuer Bids

Pacific & Western Credit Corp., operating as PWC Capital (TSX:PWC), announces that it has obtained approval from the Toronto Stock Exchange (TSX) to proceed with Normal Course Issuer Bids for its Common Shares, Class B Preferred Shares and Series C Notes.

Pursuant to the Common Shares Normal Course Issuer Bid, PWC may purchase for cancellation up to 2,450,000 of its Common Shares representing 9.99% of the public float. As of March 4, 2014, the public float comprises 24,514,505 Common Shares. The issued and outstanding Common Shares total 33,015,129. The average daily trading volume (ADTV) of PWC’s Common Shares on the TSX for the months of September 2013 to February 2014 was 14,206 shares. Daily purchases will be limited to 25% of the ADTV, which is 3,551 common shares, other than block purchase exceptions.

Pursuant to the Class B Preferred Shares Normal Course Issuer Bid, PWC may purchase for cancellation up to 190,000 of its Class B Preferred Shares (TSX:PWC.PR.B) representing 9.97% of the public float. As of March 4, 2014, the public float comprises 1,906,158 Class B Preferred Shares. The issued and outstanding Class B Preferred Shares total 1,909,458. The average daily trading volume (ADTV) of PWC’s Class B Preferred Shares on the TSX for the months of September 2013 to February 2014 was 1,086 shares. Daily purchases will be limited to 1,000 Class B Preferred Shares, other than block purchase exceptions.

Pursuant to the Series C Notes Normal Course Issuer Bid, PWC may purchase for cancellation up to $3,300,000 of its Series C Notes (TSX:PWC.NT.C) representing 9.79% of the public float. As of March 4, 2014, the public float comprises $33,703,000 Series C Notes. The issued and outstanding Series C Notes total $61,705,000. The average daily trading volume (ADTV) of PWC’s Series C Notes on the TSX for the months of September 2013 to February 2014 was $7,100. Daily purchases will be limited to 25% of the ADTV, which is $1,775 Series C Notes, other than block purchase exceptions.

For all three Normal Course Issuer Bids (NCIBs), the purchases may commence on March 14, 2014 and will terminate on March 13, 2015, or such earlier date as PWC may complete its purchases pursuant to the NCIBs. The purchases will be made by PWC through the facilities of the TSX and in accordance with the rules of the TSX, and the prices that PWC will pay for any Common Shares, Class B Preferred Shares and Series C Notes will be the market price of such shares or notes at the time of acquisition. PWC will make no purchases of Common Shares, Class B Preferred Shares and Series C Notes other than open market purchases.

PWC believes that the market price of its Common Shares, Class B Preferred Shares and Series C Notes are unusually low and do not fully reflect the value of its business and the future business prospects of PWC. As a result, PWC believes that purchasing its Common Shares, Class B Preferred Shares and Series C Notes represents an attractive investment opportunity and an appropriate and desirable use of available funds.

On behalf of the Board of Directors: David R. Taylor, President & C.E.O.

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