Shareholders of Pacific & Western Credit Corp. have passed a resolution authorizing an amendment to the Class A Preferred Shares provisions, the company said Monday.

Class A Preferred Shares may now be converted, at the option of the holders, into Class B Preferred Shares, at a rate of 0.12 of a Class B Preferred Share for each Class A Preferred Share converted.

The right to convert may only be exercised up to and including August 28. The effective date of the conversion of the Class A Preferred Shares will be August 31.

All conversions are strictly voluntary, the company says.

IE