As filed with the Securities and Exchange Commission on April 19, 199928, 2000
                                                  Registration No. 333-
===============================================================================================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, DCD.C. 20549
                                ----------------
                                    FORM S-3
                             REGISTRATION STATEMENT
                                      UNDERunder
                           THE SECURITIES ACT OF 1933

                             ----------------
                             Western Resources, Inc.WESTERN RESOURCES, INC.
             (Exact name of registrantRegistrant as specified in its charter)

            Kansas                                    48-0290150
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)
                            -------------------------
                             818 South Kansas Avenue
                              Topeka, Kansas 66612
                                 (785) 575-6300
   (Address, including zip code, and telephone number, including area code, of
                    registrant'sRegistrant's principal executive offices)
                                ----------------
         Richard D. Terrill                      William B. Moore
       Vice President, Law and        Acting
                            Executive Vice President,
                      Chief
         Corporate Secretary Financial Officer and Treasurer
                             Western Resources, Inc.
                             Western Resources, Inc.
        Topeka,818 South Kansas 66612Avenue
                              Topeka, Kansas 66612
                                 (785) 575-6322                         (785) 575-6369575-6300
            (Name, address, including zip code, and telephone number,
                   including area code, of agent for service)
                            -----------------------------------------
                        Copies of all communications to:

       Richard D. Terrill, Esq.                           Gary W. Wolf, Esq.
       Executive Vice President                        Cahill Gordon & Reindel
General Counsel and Corporate Secretary                     80 Pine Street
        Western Resources, Inc.                        New York, New York 10005
        818 South Kansas Avenue                             (212) 701-3000
          ----------------Topeka, Kansas 6612
            (785) 575-6300
                            -------------------------

Approximate date of commencement of proposed sale to the public: From time to time
after the effective date of this Registration Statement.Statement becomes effective when warranted by market
conditions and other factors.

If the only securities being registered on this Formform are being offered pursuant
to dividend or interest reinvestment plans, please check the following box. |_|

If any of the securities being registered on this Formform are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. |X|

If this Formform is filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, please check the following box and list
the Securities Act registration statement number of the earlier effective
registration statement for the same offering. |_|

If this Formform is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. |_|

If this form is a post-effective amendment filed pursuant to Rule 462(d) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. |_|

If the delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. |_|

CALCULATION OF REGISTRATION FEE ======================================================================================================================================================================================================================================================== Proposed Maximum Proposed Maximum Amount of Title of each classEach Class of Amount to be Proposed maximum Proposed maximum Amount of of securities to be registered offering aggregate offering registration fee (2) registered price per unitTo Be Offering Price Aggregate Registration Securities To Be Registered Registered Per Security (1) pricePrice (1) Fee - --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------- ------------------ ------------------ --------------- Common Stock ($5.00 par value) 4,000,000 $25.875 $103,500,000 $28,773 ==================================================================================================================================First Mortgage Bonds........................ $500,000,000 100% $500,000,000 $132,000 ======================================================================================================================
(1) Estimated solely for the purposepurposes of calculatingcomputing the registration fee and based on the average of the high and low prices reported for the common stock of Western Resources, Inc. on April 9, 1999, which was $25.875 per share, as reported on the consolidated reporting system of the New York Stock Exchange. (2) The registration fee paid herewith relates to 4,000,000 new shares of common stock being registered hereunder. The remaining number of shares of common stock included in this registration statement (163,828 shares at a proposed maximum aggregate offering price of $4,957,007) relate to Registration Statement No. 33-62375 (see below) for which a registration fee of $1,709 was paid at the time of filing. Pursuant toaccordance with Rule 429 of the rules and regulations of the Securities and Exchange Commission457(o) under the Securities Act of 1933, as amended, this Registration Statement also relates to 163,828 shares of common stock registered under Registration Statement No. 33-62375 and this constitutes Post-Effective Amendment No. 1 to such Registration Statement.amended. The Registrantregistrant hereby amends this Registration Statementregistration statement on such date or dates as may be necessary to delay its effective date until the Registrantregistrant shall file a further amendment which specifically states that this Registration Statementregistration statement shall thereafter become effective in accordance with Sectionsection 8(a) of the Securities Act of 1933 or until the Registration Statementregistration statement shall become effective on such date as the Commission, acting pursuant to said Sectionsection 8(a), may determine. =============================================================================== PROSPECTUS WESTERN RESOURCES, INC. DIRECT STOCK PURCHASE PLAN This planThe information in this prospectus is being offered to shareholders of Western Resources, Inc. Our Direct Stock Purchase Plan provides investors with a convenientnot complete and economical method of purchasing shares of Western Resources common stock, which is listed on the New York Stock Exchange under the symbol "WR." This plan replaces our current Direct Stock Purchase Plan and current participants in that plan will automatically continue in the new plan. The plan features include: o You may reinvest all or a portion of your cash dividends in additional shares of common stock. o You may purchase additional shares of common stock up to $10,000 per month, with a minimum investment of $50. Optional cash investments in excess of $10,000 may be madechanged. We may not sell these securities until the registration statement filed with prior written permission from us. o Persons not presently owning shares of common stock may become participants by making an initial cash investment for the purchase of common stock of not less than $250 and not more than $10,000 per month, with prior written permission from us. o Holders of common stock held by brokers or nominees may participate in the plan. Brokers or nominees may reinvest dividends and make optional cash investments on behalf of beneficial owners. o Common stock purchased from us may be priced at a discount from recent market prices. The initial discount is expected to be 2 percent, but may vary from 0 to 3 percent. No discount will be available for common stock purchased in the open market or privately negotiated transactions. o Dividends are calculated on all full and fractional shares of common stock in the plan. o You may deposit your common stock certificates, at no cost, into the plan for safekeeping. o You may direct us to transfer, at no cost, all or a portion of your shares of common stock in the plan. o You may sell shares held by the plan. The price of shares of common stock purchased under the plan will be either (a) the average cost of all shares purchased for the applicable investment date, if purchased on the open market or by negotiated transaction, (b) the average of the high and low sales prices of the shares of common stock for the applicable investment date, as reported on the New York Stock Exchange, less any applicable discount, if purchased from us, or (c) for shares purchased under the request for waiver, the average of the daily high and low sales prices of the common stock as reported on the NYSE for the twelve trading days immediately preceding the applicable waiver investment date. A trading date means a day on which trading in common stock is reported on the NYSE. The closing price of the common stock on April 9, 1999, as shown on the New York Stock Exchange Consolidated Tape, was $25.875 per share. This prospectus relates to 4,163,868 shares of common stock offered for purchase under the plan. These securities have not been approved or disapproved by the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. PROSPECTUS Subject to Completion, dated April 28, 2000 $500,000,000 Western Resources, Inc. First Mortgage Bonds We may offer from time to time our first mortgage bonds (which we refer to as the "Securities"), which may be offered separately or together in one or more series, up to an aggregate public offering price of $500,000,000. The Securities will be offered at individual prices and on terms to be determined in light of market conditions at the time of the offering. The specific terms of the Securities in respect of which this prospectus is being delivered will be set forth in one or more prospectus supplements. We are a Kansas corporation organized in 1924. Our principal executive offices are located at 818 South Kansas Avenue, Topeka, Kansas 66612, and our telephone number is (785) 575-6300. ----------------------- Neither the Securities and Exchange Commission nor any state securities commission nor has the Commissionapproved or any statedisapproved of these securities commissionor passed upon the accuracyadequacy or adequacyaccuracy of this prospectus. Any representation to the contrary is a criminal offense. ----------------------- The date of this prospectus is April 19, 1999. -2-, 2000 .
TABLE OF CONTENTS Available Information....................... 2 Sale of Shares........................................ 12 Forward-Looking Statements.................. 3 Stock Certificates.................................... 13 Documents Incorporated by Reference......... 3 Certificate Safekeeping............................... 13 Who Administers the Plan?................... 5 Transfer of Shares Held in the Plan................... 13 Common Questions about the Plan............. 5 Changing Your Plan Options............................ 13 Who Pays the Plan's Costs?.................. 9 Tax Consequences of Participation in the Plan......... 14 Plan Enrollment............................. 9 Stock Splits, Stock Dividends and Rights Offerings.... 14 Employee Enrollment......................... 9 Voting Rights......................................... 14 Dividend Reinvestment Options............... 10 Limitations on Liability.............................. 15 Optional Cash Purchase...................... 10 Changes to the Plan................................... 15 Refunds of Initial Investments and The Company........................................... 15 Optional Cash Purchasers............... 11 Use of Proceeds....................................... 15 Returned Checks............................. 11 Experts............................................... 15 Purchase of Shares.......................... 11 Legal Opinions........................................ 16 Automatic Electronic Investment............. 12 No Other Representations.............................. 16
AVAILABLE-------------------------------------------- TABLE OF CONTENTS Page Where You Can Find More Information.......................................1 Forward-Looking Statements................................................3 The Company and its Subsidiaries..........................................4 Ratio of Earnings to Fixed Charges........................................5 Use of Proceeds...........................................................6 Description of New Bonds..................................................7 Book-Entry Securities....................................................11 Plan of Distribution.....................................................13 Legal Opinions...........................................................13 Experts..................................................................13 i WHERE YOU CAN FIND MORE INFORMATION We file annual, quarterly and currentspecial reports, proxy statements and other information with the SEC.Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. The Exchange Act file number for our SEC filings is 1-3523. You may read and copy any document we file at the SEC'sfollowing SEC public reference rooms:
Judiciary Plaza 500 West Madison Street 7 World Trade Center 450 Fifth Street, N.W. 14th Floor Suite 1300 Room 1024 Chicago, Illinois 60661 New York, New York 10048 Washington, D.C. 20549
You may obtain information on the operation of the public reference room at 450 Fifth Street, N.W.,in Washington, D.C. 20549, and at the following Regional Offices of the Commission: New York Regional Office, 75 Park Place, 14th Floor, New York, New York 10007; and Chicago Regional Office, 500 West Madison Street, Suite 1400, Chicago, Illinois 60661-2511. Copies of such material can be obtained at prescribed rates from the Public Reference Section of the Commission at 450 Fifth Street, N.W., Washington, D.C. 20549. Please callby calling the SEC at 1-800-SEC-0330 for further1-800-SEC-0330. We file information onelectronically with the public reference room. TheSEC. Our SEC maintains an internetfilings are available from the SEC's Internet site at http://www.sec.gov, thatwhich contains reports, proxy and information statements, and other information regarding issuers including Western Resources, that file documents with the SEC electronically. Our filings may also be obtained from our webWe maintain an Internet site at http://www.wr.com, which also contains the documents we file electronically with the SEC. Our common stock is listed onannual, quarterly and special reports, proxy statements and other information may also be inspected at the office of the New York Stock Exchange. Reports, proxy material and other information concerning Western Resources may be inspected at the offices of The New York Stock Exchange, Inc., 20 Broad Street, New York, New York 10005. We will provide without charge to each person to whom a copy of this prospectus is delivered,10005, on the request of any such person, a copy of any or all of the documents incorporated herein by reference, other than exhibits to such documents, unless such exhibits are specifically incorporated by reference in such documents. Written or telephone requests for such copies should be directed to: Western Resources, Inc. c/o Shareholder Services, 818 South Kansas Avenue, Topeka, Kansas 66612, telephone (785) 575-6394. -3- FORWARD-LOOKING STATEMENTS We make statements in this prospectus and the documents we incorporate by reference that are considered forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Sometimes these statements will contain words such as "believes," "expects," "intends," "plans" and other similar words. These statements are not guaranteeswhich certain of our future performance andsecurities are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to be materially different from those we project. These risks, uncertainties and factors include: o general, economic, business and regulatory conditions; o energy supply and demand; o competition; o federal and state regulations; o availability, terms and use of capital; o nuclear and environmental issues; o weather; o industry restructuring and cost recovery, including the potential effect of stranded costs; and o year 2000 readiness. DOCUMENTS INCORPORATED BY REFERENCEtraded. The SEC allows us to "incorporate by reference" the informationcertain documents we file with them,it, which means that we can disclose important information to you by referring you to those documents. The information in the documents incorporated by reference is considered to bea part of this prospectus, and later information in the documents that we filedfile later with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below and any future filings madewe will make with the SEC under SectionSections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 until we sell all the common stock. We expressly exclude from such incorporation the Report of the Compensation Committee and the Performance Graph contained in any proxy statement filed by Western Resources pursuant to Section 14 of the Exchange Act subsequent to the date of this prospectus and prior to the termination of the offering of the common stock pursuant hereto. 1. OurAct. o our Annual Report on Form 10-K (File No. 1-3523) for the year ended December 31, 1998. 2. Current Reports1999, as amended by an amendment on Form 8-K (File No. 1-3523)10-K/A dated and filed January 28, 1999 andon April 1, 1999. 3. The description3, 2000 We will provide a copy of our common stock contained in item 7 of our Form 10-Q, filed for the quarter ended March 31, 1979. This prospectus is part of a registration statement thatdocuments we filed with the SEC. You should rely only on the information incorporatedincorporate by reference, or provided inat no cost, to any person who receives this prospectus, orincluding any prospectus supplement. We have not authorized anyone else to provide you with different information. We are -4- not making an offer of the common stock in any state where the offer is not permitted. You should not assume that the information in this prospectus or any prospectus supplement is accurate asbeneficial owner. To request a copy of any date other than the date on the front of those documents. -5- WESTERN RESOURCES, INC. DIRECT STOCK PURCHASE PLAN PLAN ADMINISTRATION We administer the plan through our Shareholder Services Department, keep records and send statements of account activity to all participants. However, we may appoint someone else to administer the plan. If we do, we will notify you. An independent agent, selected by us, buys and sells shares on the open market on your behalf. The agent will have full discretion as to all matters regarding open market purchases and sales of shares. The agent's objective is to obtain the best overall price of shares purchased and sold. Each participant in the plan will have a separate account. Shares of common stock purchased for the account of each participant will be registered in the name of the administrator for participants in the plan. All inquiries and instructions concerning the plan should be directed to: Western Resources Shareholder Services P.O. Box 750320 Topeka, Kansas 66675-0320 You may call us between 8:00 A.M. and 5:00 P.M., central standard time, at: Toll-free 1-800-527-2495 Local (785) 575-6394 Fax (785) 575-1796 Internet: http://www.wr.com E-mail: sharsvcs@wr.com (include E-mail return address) Please include your shareholder account number and taxpayer identification number (social security number) on all checks and money orders and on all correspondence, as well as a daytime telephone number where you may be contacted during normal working hours. COMMON QUESTIONS ABOUT THE PLAN As you review this prospectus, you will notice that this plan offers a convenient and economical way to increase your ownership of our common stock. The plan also allows a convenient way for you to keep shares with us under a custodial (safekeeping) agreement. Below are some questions and answers about the key features of our Direct Stock Purchase Plan. 1. WHO IS ELIGIBLE TO PARTICIPATE IN THE PLAN? Any owner of our common stock. Persons that do not own shares of our common stock may participate by making an initial investment. -6- 2. DO I HAVE TO REINVEST ALL THE DIVIDENDS ON MY COMMON STOCK IF I PARTICIPATE IN THE PLAN? No. You may reinvest all, part or none of your common stock dividends. 3. MAY I PURCHASE ADDITIONAL SHARES OF COMMON STOCK THROUGH THE PLAN FROM TIME TO TIME? Yes. You may invest up to $10,000 in additional shares of common stock in any month. The minimum investment is $50. Investments in excess of $10,000 may be made with prior written consent from us. 4. MAY I DEPOSIT MY COMMON STOCK IN THE PLAN? You may deposit, free of any service charges, your common stock to be held by us in the plan. 5. WILL MY DIVIDENDS AND OPTIONAL CASH INVESTMENTS BE FULLY INVESTED IN COMMON STOCK? Yes. Both dividends and optional cash investments will be used in full to purchase additional common stock. As a result, your plan account will be credited with whole shares and a fractional shares. However, if you close your plan account, any fractional share will be paid out to you in cash. 6. HOW ARE SHARES PURCHASED FOR MY PLAN ACCOUNT? At our option, shares for your plan account are purchased either on the open market, in privately negotiated transactions or directly from Western Resources. 7. HOW IS THE PRICE OF SHARES BOUGHT OR SOLD DETERMINED? The price of shares is determined differently based upon whether such shares are bought in the open market, bought directly from Western Resources or are being sold. SHARES BOUGHT ON THE OPEN MARKET For shares bought on the open market, the price will be calculated as the weighted average price of all shares bought for the investment date. The price will include any brokerage commission and fees. SHARES BOUGHT DIRECTLY FROM WESTERN RESOURCES For shares bought directly from Western Resources, we average the high and low sale prices of our common stock on the investment date. If a discount is offered, the average of the high and low sales prices is reduced by the discount. If our common stock is not traded on that date, we use the prices from the previous trading day. There are no brokerage commissions or fees when shares are purchased from us. -7- The price of common stock purchased from us under the request for waiver will be the average of the daily high and low sales prices of the common stock as reported on the NYSE for the twelve trading days immediately preceding a waiver investment date, less the applicable discount. SHARES SOLD For shares sold, the price will be calculated as the weighted average price of all plan shares sold on the sale date. The price will include any brokerage commission and fees. 8. WHEN ARE DIVIDENDS REINVESTED? We reinvest dividends on each dividend payment date. For our common stock, the dividend payment dates are the first business days of January, April, July and October. 9. WHEN ARE OPTIONAL CASH INVESTMENTS CREDITED TO MY PLAN ACCOUNT? Optional cash investments are credited to your plan account on the day the investment is received by Shareholder Services. 10. ARE THERE BROKERAGE COMMISSIONS AND FEES FOR BUYING OR SELLING SHARES THROUGH THE PLAN? Yes. Brokerage commissions and fees are charged on shares bought or sold in the open market. These fees are based on the number of shares bought or sold and the price per share. Currently, brokerage commissions and fees are expected to be no more than 5 cents per share for purchases and approximately 7.25 cents per share for sales. When the plan buys shares directly from Western Resources, there are no commissions or fees. 11. ARE THERE ANY OTHER FEES FOR BUYING AND SELLING SHARES THROUGH THE PLAN? No. 12. WHEN WILL I RECEIVE AN ACCOUNT STATEMENT? We will send you a statement for every month in which there is activity in your plan account. Activity in your plan account includes when: - we reinvest a dividend for you, - you remit an optional cash investment, - you deposit shares under the safekeeping feature of the plan, - you withdraw or transfer shares, or -8- - you terminate your participation. In addition, we will send you an annual statement in December detailing all account activity during the prior year. PLEASE KEEP YOUR STATEMENTS. YOU WILL NEED THEM FOR TAX PURPOSES. 13. MAY I TRANSFER SHARES FROM ONE ACCOUNT TO ANOTHER? Yes. We will send the required instructions upon request. 14. WILL WESTERN RESOURCES ISSUE A STOCK CERTIFICIATE FOR THE SHARES IN MY ACCOUNT? All shares purchased for you through the plan will be held by the custodian for you. You may request a stock certificate at any time by sending us a written request. We do not issue a certificate for a fractional share. 15. IF MY SHARES ARE HELD IN "STREET NAME" BY A STOCKBROKER, MAY I PARTICIPATE IN THE PLAN? Yes. You may request your broker to participate on your behalf either by reinvesting dividends or by making optional cash investments. Alternatively, you may ask your broker to transfer shares into your name so you can participate directly with us and take advantage of all the plan features. Different brokers have different conditions and procedures for participating in the plan on your behalf or for transferring shares into your name. You should contact your broker if you have questions about this. 16. ARE WESTERN RESOURCES DIVIDENDS TAXABLE INCOME? Yes. Dividends are taxable income whether reinvested or paid in cash. We will send you an IRS Form 1099-DIV each January showing your dividend income for the previous year. 17. MAY I RECEIVE DIVIDENDS IN CASH FOR SHARES I HOLD IN STOCK CERTIFICATE FORM? Yes. You do not have to reinvest dividends on shares you hold in certificate form. 18. MAY I RECEIVE DIVIDENDS IN CASH FOR SHARES HELD IN MY PLAN ACCOUNT? Yes. You are not required to reinvest dividends on the shares held in your plan account. 19. IS INTEREST PAID ON ANY CASH HELD BY THE PLAN PRIOR TO INVESTMENT? No. We do not pay interest on any funds held by us prior to investment in additional common stock. -9- 20. MAY I DETERMINE AT WHAT PRICE SHARES ARE BOUGHT AND SOLD ON MY BEHALF? No. You will have no control over the price at which stock is bought whether on the open market or from us. Likewise, you will have no control over the price at which shares are sold by the independent agent. You will bear the market risk associated with fluctuations in the price of our common stock. 21. MAY I ASK TO HAVE MY MONEY RETURNED? Yes. If you have sent money for an optional cash investment, that money can be returned to you if we receive a written request no later than three business days prior to the investment date following receipt of your payment. Plan Administrative Costs We pay all of the administrative costs of the plan. You will pay a brokerage commission when the common stock is boughtthese documents, you should write or sold on the open market. When the plan buys the common stock directly from us, you pay no brokerage commission. There is no processing fee when we sell shares on your behalf. Plan Enrollment If you currently are a shareholder of record, you may enroll in the plan at any time by completing and returning an enrollment form. Requests for such forms should be directed to us, either by telephone or in writing. Western Resources Shareholder Services P.O. Box 750320 Topeka, Kansas 66675-0330 Toll-free 1-800-527-2495 If you are not a shareholder of record, you may join the plan by completing and returning an enrollment form together with an initial payment of not less than the amount specified in the enrollment form and not more than $10,000 per month, unless granted a request for waiver, which will be used to purchase common stock for your account. The $10,000 maximum may be waived by us by prior written request. A beneficial owner may participate in the plan by either transferring shares to their name or making arrangements with their broker, bank or nominee to participate in the plan on the participant's behalf. A beneficial owner is a shareholder whose shares of common stock are registered in a name other than his or her name, for example, in the name of a broker, bank or other nominee. Beneficial owners must instruct the broker, bank or nominee who holds their shares to participate in the plan on their behalf. If a broker, bank or nominee holds shares of a beneficial owner through a securities depository, the broker, bank or nominee will be required to provide a broker and nominee form to us in order to participate in the optional cash investment portion of the plan. Purchases of common stock for your account are made as soon as practicable after receipt of your investment, and in no event later than 35 days after receipt, provided that it is received by us at least three -10- business days prior to an investment date. For months in which a dividend is paid, the dividend payment date is an investment date. Other investment dates shall be determined solely at our discretion, although it is expected that purchases for plan participants will be made at least twice during each month, usually around the 1st and 15th of the month. Purchases may be made over a period of several days if purchased on the open market. All such purchases will be aggregated for the investment date. Enrollment forms with initial investments must be received by us at least three business days prior to the investment date and are subject to review by us. Interest is not paid on any payments received, and they do not earn dividends prior to their investment. Therefore, it is to your benefit to mail the payments so that they are received shortly, but not less than three business days, before an investment date. All initial investments must be made by check for U.S. dollars, drawn on a U.S. bank and payable to "Western Resources," and are subject to collection by us for the full face value in U.S. funds. As soon as practicable after completion of your initial investment, we will mail to you a statement notifying you of the establishment of your account and setting forth the details of such investment. Receipt of such statement serves as notification of your enrollment in the plan. Other forms of payment, such as wire transfers, may be made, but only if approved in advance by us. Inquiries about other forms of payment should be directed to us at the following address listedand telephone number: Western Resources, Inc. 818 South Kansas Avenue Topeka, Kansas 66612 Attention: Investor Relations Telephone No.: (785) 575-6300 2 FORWARD-LOOKING STATEMENTS This document includes and incorporates "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by the context of the statement and will include words such as we "believe," "anticipate," "expect" or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such statements address future events and conditions concerning capital expenditures, earnings, litigation, rate and other regulatory matters, the outcome of Protection One accounting issues reviewed by the SEC staff as disclosed in previous filings, possible corporate restructurings, mergers, acquisitions, dispositions, liquidity and capital resources, compliance with debt covenants, interest and dividends, the impact of Protection One's financial condition on page 4. Employee Enrollment Any employee of ours or anyour consolidated results, environmental matters, changing weather, nuclear operations, ability to enter new markets successfully and capitalize on growth opportunities in nonregulated businesses, events in foreign markets in which investments have been made, accounting matters, and the overall economy of our subsidiaries, as selectedservice area. What happens in each case could vary materially from time to time by us, may join the plan at any time either by completing the employee enrollment form and returning it to Shareholder Services, or by enrolling in the same manner as any other eligible person described under plan enrollment. The $250 and $50 minimums for initial investments and optional cash investments, respectively, will not apply to payments made through payroll deductions. The employee enrollment form allows participating employees to decide the dollar amount, if any, to be deducted from their paychecks for each pay period. Any deductions will be used to purchase full and fractional shares of our common stock. The employee enrollment form allows an employee to choose a reinvestment option for participation in the plan. Payroll deduction authorizations will remain in effect until canceled by the employee. The employee must specify the amount to be withheld each month. The minimum deduction per pay period is $10. Payroll deductions will be invested at the next investment period provided an authorization is received at least five business days before the investment date. Dividend Reinvestment Options The enrollment form allows you to choose a reinvestment option for participation in the plan. If not specified otherwise, the account will be enrolled for full dividend reinvestment. By choosing the appropriate box, you may select: o Full Dividend Reinvestment -- Reinvest all cash dividends on all certificated shares held by you and on all book-entry shares credited to your plan account. Optional cash investments may be made at any time. -11- o Partial Dividend Reinvestment -- Receive cash dividends on a specified number of your shares of common stock and reinvest the cash dividends on the remainder of your shares. The shares specified to receive cash dividends may be made up of a combination of certificate and book-entry shares credited to your account. You may elect to have cash dividend payments not reinvested paid by check or through electronic direct deposit. Optional cash investments may be made at any time. o Optional Cash Investments Only -- Receive cash dividends on all shares credited to your account, certificated shares held by you and book-entry shares held by the plan for you. Optional cash investments may be made at any time. If you participate in the plan's dividend reinvestment option, reinvestment will commence with the first dividend payable after the dividend record date following your enrollment. Dividend record dates are publicly announced by us, and are generally the 9th day of March, June, September, and December. On each applicable investment date,what we will promptly, after deducting withholding taxes, if any, commingle and pay over to the administrator all cash dividends payable on shares held in the plan for all participants who are reinvesting their dividends. These dividends will be used to purchase shares of common stock, which will be held by the administrator. We will credit the proportionate number of shares (computed to four decimal places without rounding) purchased to each participant's account. Optional Cash Investment Once you are enrolled in the plan, you may purchase additional shares using the plan's optional cash investment feature. Purchases must be made in amounts of not less than $50, nor more than $10,000 per month, inclusive of your initial investment. Optional cash investments may be made in excess of $10,000 if you request a waiver from us. A broker, bank or nominee must use the broker and nominee form to make optional cash investments if the shares are held in the name of a securities depository. A broker and nominee form must accompany each optional cash investment made by the broker, bank or nominee holding shares on behalf of a beneficial owner in the name of a securities depository. The broker and nominee form will be furnished by us upon request. We will invest your payment on the next investment date, provided it is received at least three business days prior to that investment date. Your payment will be commingled with those of other participants and applied to the purchase of additional shares of common stock, which will be held in the plan. As is the case with initial investments, we will not pay interest on any optional cash investment amounts received and held for investment under the plan and payments do not earn dividends prior to their investment. Therefore, it is to your benefit to mail an optional cash investment so that we receive it shortly, but not less than three business days, before an investment date. To receive dividends, an optional cash investment must be received and invested on an investment date prior to the record date. All optional cash investments must be made by check for U.S. dollars, drawn on a U.S. bank and payable to "Western Resources," and are subject to collection by us for the full face value in U.S. funds. Other forms of payment, such as will transfers, may be made if approved in advance by us. You may contact us regarding other forms of payments at the address listed on page 4. CASH AND THIRD PARTY CHECKS ARE NOT ALLOWED. -12- For optional cash investments made pursuant to a request for waiver, good and clear funds must be received by us prior to the first day of the pricing period. Refunds of Initial Investments and Optional Cash Purchases Upon written request, we will refund your initial investment or any optional cash investment payments, provided your request is received by us at least three business days prior to the investment date following receipt of your payment. However, no refund will be made until the funds have been actually received by us. Request for Waiver Optional cash investments made pursuant to a request for waiver are not subject to any predetermined maximum limit. We may establish each month a waiver discount for optional cash investments in excess of the $10,000 made pursuant to a request for waiver. The waiver discount, which may vary each month between 0% and 3%, will be established by us after a review of current market conditions, the level of participation, and current and projected capital needs. The waiver discount may vary from the discount offered to reinvested dividends and optional cash investments that do not exceed the $10,000 per month maximum. For purposes of the maximum optional cash investment limitation, we may aggregate all optional cash investments for participants with more than one account using a social security or tax identification number. Unless we determine that reinvestment of dividends and optional cash investments for each such account would be consistent with the purposes of the plan, we will have the right to aggregate all such accounts and return, without interest, any amounts in excess of the investment limitations applicable to a single account in respect of all such accounts. Participants that are unable to supply a social security or tax identification number may be limited to only one plan account. All plan accounts we believe to be under common control or management or to have common ultimate beneficial ownership may be aggregated. Optional cash investments in excess of $10,000 per month may be made only pursuant to a request for waiver accepted by us. Participants who wish to submit an optional cash investment in excess of $10,000 for any waiver investment date must obtain the prior written approval of us and a copyexpect because of such written approval must accompany any such optional cash investment. One waiver investment date will occur each month, usually on the last business day of the month, although we shall determine the timing of the waiver investment date. Appendix I provides information regarding pricing periodsthings as electric utility deregulation, including ongoing municipal, state and investment dates. A request for waiver should be directed to us via facsimile at (785) 575-1796. We have sole discretion to grant any approval for optional cash investments in excess of the allowable maximum amount. In deciding whether to approve a request for waiver, we will consider relevant factors including, but not limited to, whether the plan is then acquiring newly issued shares of common stock or acquiring shares through open market purchases or privately negotiated transactions,federal activities; future economic conditions; legislative and regulatory developments; our need for additional funds, the attractiveness of obtaining such funds through the sale of common stock under the plan in comparison to other sources of funds, the purchase price likely to apply to any sale of common stock under the plan, the participant submitting the request, including the participant's prior participation in the planregulatory and the number of shares of common stock held of record by the participant and the aggregate amount of optional cash investments in excess of $10,000 for which request for waiver have been submitted by all participants. If requests for waiver are submitted for any investment date for an aggregate amount in excess of the amount we are willing to accept, we may honor such requests in order of receipt, pro rata, or by any other method we determine is appropriate. -13- Waiver Discount. Each month, at least three business days prior to the first day of an applicable pricing period, we may establish a discount from the market price applicable to optional cash investments made pursuant to a request for waiver. The discount may be between 0% and 3% of the purchase price and may vary each month, but once established will apply uniformly to all optional cash investments made pursuant to a request for waiver for that month. The waiver discount will be established in our discretion after a review of current market conditions, the level of participation in the plan, and current and projected capital needs. Participants may obtain the waiver discount applicable to the next pricing period by telephoning us at (785) 575-8330. Setting a waiver discount for a particular month shall not affect the setting of a waiver discount for any subsequent month. The waiver discount will apply to the entire optional cash investment and not just the portion of such investment that exceeds $10,000. The waiver discount will apply to optional cash investments of $10,000 or more made pursuant to the request for waiver. Threshold Price. We may establish for any pricing period a minimum price as the threshold price applicable to optional cash investments made pursuant to requests for waiver. At least three business days prior to the first day of the applicable pricing period, we will determine whether to establish a threshold price, and if a threshold price is established, its amount. This determination will be made by us in our discretion after a review of current market conditions, the level of participation in the plan and current and projected capital needs. The threshold price, if established, will be stated as a dollar amount that the average of the high and low sale prices of the common stock on the NYSE for each trading day of the relevant pricing period must equal or exceed. If the threshold price is not satisfied for a trading day in the pricing period, then that trading day will be excluded from the pricing period and all trading prices for that day will be excluded from the determination of the purchase price. A day will also be excluded if no trades of common stock are made on the NYSE for that day. In addition, a portion of the optional cash investments will be returned for each trading day of the pricing period in which the threshold pricing is not satisfied, or for each day in which no trades are reported on the NYSE. The returned amount will equal one-twelfth of the total amount of the optional cash investment amount for each trading day the threshold pricing is not satisfied. The establishment of the threshold pricing and the possible return of the investment applies only to the optional cash investments made pursuant to the request for waiver. Setting a threshold price for a pricing period shall not affect the setting of a threshold price for any particular month. We are not required to provide written notice to participants of the threshold price for any subsequent pricing period. We may waive the setting of a threshold price for any pricing period. Participants may find out if a threshold price has been set or waived for any pricing period by contacting us at (785) 575-8330. Any person who acquires shares of common stock through the plan and resells them shortly before or after acquiring them may be considered to be an underwriter within the meaning of the Securities Act of 1933, as amended. We expect that certain persons will acquire shares of common stock utilizing the request for waiver and resell those shares in order to obtain the financial benefit of any waiver discount then offered under the plan. We have no arrangement or understanding, formal or informal, with any person relating to a distribution of shares to be purchased pursuant to the plan. Returned Checks In the event that any check is returned unpaid for any reason, we will consider the request for investment of such funds null and void. We shall be entitled to remove from the participant's account any shares purchased upon the prior credit of such funds. We shall thereupon be entitled to sell those shares to satisfy any uncollected -14- amount. If the net proceeds of such sale are insufficient to satisfy the balance of such uncollected amount, we will, in addition to any other rights we may have, be entitled to sell such additional shares from the participant's account as necessary to satisfy the uncollected balance. Purchase of Shares Shares may be purchased for the plan from us, to the extent we make such shares available, from any securities exchange where common stock is traded, in the over-the-counter market, or by negotiated transactions. We may commingle each participant's funds with those of other participants for the purpose of executing purchases. Neither we nor any affiliated purchasers will exercise any direct or indirect control or influence over the times when or prices at which the independent agent may make open market purchases of common stock for the plan, or the amounts of shares to be purchased. The price that you will pay for any shares purchased will be either (a) the average cost of all shares purchased for the applicable investment date, which cost includes brokerage commissions of approximately $.05 per share, if purchased on the open market or by negotiated transaction, (b) the average of the high and low sales prices of the shares of common stock for the applicable investment date, as reported on the New York Stock Exchange less any applicable discount, if the shares are purchased from us, or (c) for shares purchased under the request for waiver, the average of the daily high and low sales prices of the common stock as reported on the NYSE for the twelve trading days immediately preceding the applicable waiver investment date, less any applicable discount. Under the plan, you do not have the ability to order the purchase of a specific number of shares, the purchase of shares at a specified price or a particular date of purchase, as could be done with respect to purchases through a broker. A statement will be mailed each quarter indicating, among other things, the amount invested, the average cost per share, and the number of shares purchased. Automatic Electronic Investment You may make optional cash investments by means of automatic electronic investments of not less than $35, nor more than the monthly limit of $10,000 by monthly electronic funds transfers from a predesignated U.S. account. Automatic electronic investments may be made from accounts at any bank, savings association, credit union,competitive markets; and other financial institution thatcircumstances affecting anticipated operations, sales and costs. 3 THE COMPANY AND ITS SUBSIDIARIES Western Resources, Inc. is a member of the National Automated Clearing House Association (NACHA). To initiate automatic electronic investments, you must complete and sign the automatic electronic investment authorization found on the enrollment form and return it to us together with a voided blank check or deposit slip for the account from which funds are to be drawn. Forms will be processed and will become effective as promptly as practicable. To be effective with respect to a particular investment date, however, the automatic electronic investment authorization must be received by us at least three business days preceding the date for electronic transfer of funds. Once automatic electronic investment is initiated, funds will be drawn from your designated account on the date specified on the enrollment form, generally the 10th of each month (or, if the 10th day is not a business -15- day, the first business day thereafter), and will be invested in common stock during the next investment period following the date of such draft. You may change the amounts of your future automatic electronic investments by completing and submitting to us a new enrollment form. You may terminate your automatic electronic investments by notifying us in writing. Electronic direct deposit of cash dividends that participants elect to receive also is available through the plan. Sale of Shares You can sell all or part of your shares held in the plan by furnishing us with written instructions, signed by all registered holders. You may sell only whole shares, not fractional shares, if the sale is for less than all of the shares in your account. We cannot, however, sell for you any certificated shares that you may be holding unless they are first deposited into the plan pursuant to Certificate Safekeeping. Sales for plan participants are made as soon as practicable after we receive written instructions from the participant. Requests to sell plan shares will be aggregated and processed at least once a week. Shares will be sold on the open market at prevailing market prices. When you sell your shares, the price per share that you will receive is the average of the proceeds from all shares sold, less your proportionate share of the brokerage commission of approximately $.07 per share, transfer taxes, if any, and withholding tax, if any. Under the plan, you do not have the ability to sell your shares at a specified price or on a particular date, as could be done with respect to sales through a broker. With respect to the sale of fractional shares if your entire plan account is terminated, we will pay cash to you in an amount determined in the same manner as provided with respect to the sale of full shares. Stock Certificates All shares purchased on your behalf through the plan will be held in the plan in book-entry form. You can, however, at any time and without charge, obtain a certificate for all or part of the full shares credited to your plan account by making a request in writing to us. Shares credited to your plan account may not be pledged as collateral. If you wish to pledge shares held in your plan account, you must request that we issue a certificate for a designated number of shares. Certificate Safekeeping The plan's Certificate Safekeeping allows you to deposit into the plan common stock certificates held by you for safekeeping. The advantages of Certificate Safekeeping are: o The risk associated with the loss of your stock certificates is eliminated. If your certificates are lost or stolen, you cannot sell or transfer them without first obtaining replacement certificates. This process could take several weeks and will result in cost and paperwork, both for you and for us. -16- o Certificates deposited with the plan are treated in the same manner as shares purchased through the plan, and may be conveniently sold or transferred through the plan. To participate in Certificate Safekeeping, you must complete and return an enrollment form along with common stock certificates you wish to deposit. You can obtain an enrollment form by calling or writing our Shareholder Services Department at the address shown on page 6. If you have lost any of your certificates, they must be replaced before you can participate in Certificate Safekeeping. Transfer of Shares Held in the Plan You may change the ownership of all or part of your plan shares through a gift, a private sale or otherwise by mailing to us a properly executed stock assignment form (which you can obtain from us or a financial institution), a signature guarantee, and a letter of instruction. Unless instructed otherwise, we will retain the shares, and enroll the transferee in 100% dividend reinvestment, provided they are eligible to participate. The new participant will receive a statement showing the number of shares thus transferred and now held in his or her plan account. Changing Your Plan Options You can change the elections you have made under the plan at any time by providing written notice to us. We will accept notice from only you or a person duly authorized by you in writing to act on your behalf. Changes in elections will be processed in the same manner and be effective as new enrollments. You may cease the reinvestment of your dividends and elect to receive them, instead, by check or electronic direct deposit. You may continue to hold your shares in book-entry and receive a cash dividend. You may continue to buy shares with optional cash investments or sell some, or all, of your shares, as desired. Your enrollment in the plan may be automatically terminated if you no longer hold any shares of record and your plan shares total less than one full share of common stock. Upon automatic termination, you will receive a check for the proceeds from the sale of the fractional share, less brokerage commission, transfer taxes, if any, and withholding tax, if any. With respect to the sale of fractional shares, we will pay cash to you in an amount determined in the same manner as provided with respect to the sale of full shares. Stock certificates and/or checks will be forwarded to only you or your legal representative made out the same as your account registration. Tax Consequences of Participation in the Plan The amount of cash dividends paid by us is considered taxable income, even though reinvested under the plan. The information return sent to you on Form 1099-DIV and the IRS at year-end will show as dividend income the full amount of dividends reinvested under the plan, as well as cash dividends paid directly to you, if any, and the amount of any discount received for common stock purchases. For U.S. Federal income tax purposes, the cost basis of shares of common stock acquired through the plan on any given investment date will be determined by dividing the total of the dividends reinvested net of taxes withheld, if any, and your optional cash purchase, if any, by the number of shares of common stock, including fractional shares, if any, acquired on your -17- behalf on that investment date. THESE STATEMENTS ARE YOUR CONTINUING RECORD OF THE COST OF YOUR PURCHASES AND SHOULD BE RETAINED FOR TAX PURPOSES. In the case of shareholders whose dividends are subject to U.S. Federal income tax withholding, or backup withholding, we will reinvest dividends less the amount of tax required to be withheld. The sale of shares through the plan will be reported to the IRS and you on Form 1099-B. You should consult with your tax advisor for advice applicable to your particular situation. Stock Splits, Stock Dividends and Rights Offerings Any dividends in the form of shares of stock and any shares resulting from a stock split on shares held of record by the plan will be added proportionately to your account. In the event that we make available to our holders of common stock rights to subscribe to additional shares, debentures or other securities, we will sell the rights received on shares held of record by the plan and will invest the proceeds from the sale in additional shares of common stock which will be credited proportionately to your account. Participants wishing to be in a position to exercise such rights may withdraw shares credited to their plan account as described under "Stock Certificates." Voting Rights A proxy card will be mailed to you representing the shares of common stock held in your plan account combined with any other shares of common stock that you may own of record. Shares credited to your account under the plan on the record date for a vote of shareholders will be voted in accordance with your instructions. Limitations on Liability Neither Western Resources nor their agents, employees, officers and directors shall be liable for any act done in good faith or for any omission to act, including, without limitation, any claims of liability (a) with respect to the prices at which shares are purchased or sold for your account and the times when such purchases or sales are made (provided, however, that nothing herein shall be deemed to constitute a waiver of any rights that you might have under the Securities Act of 1933 or other applicable federal securities laws), or (b) for any fluctuation in the market value before or after purchase or sale of shares, or (c) arising out of failure to terminate a participant's account upon the participant's death prior to receipt of written evidence of such death. Changes to the Plan We reserve the right to amend, modify, suspend or terminate the plan at any time. No such modification may, however, make it possible for any assets held in the plan accounts to be used for any purpose other than the exclusive benefit of the participants. THE COMPANY We are a publicly tradedpublicly-traded consumer services company, incorporated in 1924. Our primary business activities are providing electric generation, transmission and distribution services to approximately 620,000628,000 customers in Kansas and providing monitored services to approximately 1.51.6 million customers in North America, -18- the United Kingdom and Continentalcontinental Europe. Rate regulated electric service is provided by KPL, a division of the company, and Kansas Gas and Electric Company (KGE), a wholly-owned subsidiary. Monitored services in North America are provided by Protection One, Inc. (Protection One), a publicly traded, approximately 85%-owned subsidiary. Monitored services in the United Kingdom and continental Europe are provided by subsidiaries of Westar Capital, Inc. (Westar Capital), a wholly owned subsidiary. KGE owns 47% of Wolf Creek Nuclear Operating Corporation, the operating company for Wolf Creek Generating Station. In addition, through our 45% ownership interest in ONEOK, Inc. (ONEOK), natural gas transmission and distribution services are provided to approximately 1.4 million customers in Oklahoma and Kansas. RateOur investments in Protection One and ONEOK are owned by Westar Capital. On March 28, 2000, our board of directors approved the separation of our regulated electric serviceutility businesses and our non-electric utility businesses. The separation is provided by KPL, a divisioncurrently expected to be effected through an exchange offer to be made to our shareholders in the third quarter of 2000. The exchange ratio will be described in materials furnished to shareholders upon commencement of the company,exchange offer. The impact on our financial position and Kansas Gasoperating results cannot be known until the exchange ratio is determined. We expect to complete the separation in the fourth quarter of 2000, but no assurance can be given that the separation will be completed. For further information, see our Current Report on Form 8-K filed with the SEC on March 29, 2000. 4 RATIO OF EARNINGS TO FIXED CHARGES The following table sets forth our ratios of earnings from continuing operations to fixed charges for each of the periods indicated:
Year Ended December 31, 1995 1996 19971 19982 19993 ---- ---- ----- ----- ----- Ratio of earnings from continuing operations to fixed charges .......................... 2.41x 2.16x 4.31x 1.21x .88x
- ---------- 1 During 1997, we sold our Tyco International Ltd. stock investment and Electric (KGE),realized a wholly owned subsidiary. Monitored services are provided by Protection One, Inc. (Protection One),pre-tax gain of $864 million. 2 During 1998, we recorded a publicly traded, approximately 85% owned subsidiary. KGE owns 47%non-cash pre-tax expense of Wolf Creek Nuclear Operating Corporation (WCNOC),$98.9 million to exit the operating company for Wolf Creek Generating Station (Wolf Creek).international power development business. 3 Our headquarters are located at 818 Kansas Avenue, Topeka, Kansas 66612, telephone number (785) 575-6300.earnings in 1999 were $45.1 million less than our fixed charges. During 1999, we recorded a non-cash pre-tax expense of $76.2 million to recognize the impairment of marketable securities. Please see the other information about our results that 5 USE OF PROCEEDS SinceThe proceeds from the sale of the Securities will be used to pay off indebtedness and for general corporate purposes, including capital investments. Please see our discussion of Liquidity and Capital Resources in our Annual Report on Form 10-K for the year ended December 31, 1999 (as amended) for more details on our financing needs. We will provide further information concerning the use of proceeds of the Securities in the prospectus supplement relating to them. The balance of funds required for these purposes is expected to be obtained principally from internal cash generation and the issuance of other debt or equity securities. 6 DESCRIPTION OF NEW BONDS The first mortgage bonds are to be issued under and secured by the Mortgage and Deed of Trust, dated July 1, 1939, between Western Resources, Inc. and Harris Trust and Savings Bank, as Trustee (the "Trustee"), as supplemented and amended by thirty-three supplemental indentures and as to be supplemented and amended by a new supplemental indenture or indentures providing for the series of first mortgage bonds to which this Prospectus relates (the original mortgage as so supplemented and amended we will refer to as the "Mortgage" in the following discussion). We will refer to the first mortgage bonds we plan to issue pursuant to the Registration Statement of which this Prospectus is a part as the "New Bonds" and to all the first mortgage bonds issued or issuable under the Mortgage as the "Bonds." The Mortgage has been filed as an exhibit to the Registration Statement of which this Prospectus is a part. What follows is a brief summary of certain provisions contained in the Mortgage. General The New Bonds will be issued only in the form of registered bonds without coupons in denominations of $1,000 and multiples thereof. The New Bonds will be issued in the form of one or more fully registered global certificates representing the aggregate principal amount of the New Bonds and will be deposited with The Depository Trust Company ("DTC"). See "Book-Entry Securities." The prospectus supplement for each series of New Bonds will set forth the issue date, maturity date, interest rate and interest payment dates applicable to such series. Subject to certain exceptions provided in the Mortgage, interest is payable at either the office of the Trustee in Chicago, Illinois, or of the Paying Agent, Harris Trust and Savings Bank, New York, New York, to the persons in whose names the New Bonds are registered at the close of business on the tenth day prior to the interest payment date (the "Record Date") or, at our option, may be paid by checks mailed to those persons at their registered addresses. Principal of the New Bonds is to be payable at either of our agencies. There will be no improvement or maintenance fund for the New Bonds. The applicable prospectus supplement will set forth any sinking fund provided for a particular series of New Bonds. Redemption Provisions The prospectus supplement for each series of New Bonds will set forth the redemption provisions, if any, of the New Bonds. Issuance of Additional Bonds Additional Bonds ranking equally with the Bonds of other series then outstanding may be issued having dates, maturities, interest rates, redemption prices and other terms as may be determined by our board of directors. Additional Bonds may be issued in principal amounts not exceeding the sum of: (1) 60% (so long as Bonds issued prior to January 1, 1997 remain outstanding, and thereafter 70%) of the net bondable value of property additions not subject to an unfunded prior lien; (2) the principal amount of Bonds retired or to be retired (except out of trust moneys); and (3) the amount of cash deposited with the Trustee for such purpose, which may thereafter be withdrawn upon the same basis that additional Bonds are issuable under (1) or (2) above. 7 Additional Bonds may not be issued on the basis of property additions subject to an unfunded prior lien. (Mortgage, Article III; Twenty-Eighth, Twenty-Ninth, Thirtieth, Thirty-First and Thirty-Second Supplemental Indentures, Article V.) As of March 31, 2000, we had approximately $386.9 million of net bondable property additions not subject to unfunded prior liens enabling us to issue approximately $232.1 million principal amount of additional Bonds on such date. As of March 31, 2000, we may also issue up to approximately $200.0 million of additional Bonds on the basis of Bonds which have been retired. The New Bonds may be issued against the principal amount of Bonds retired or to be retired. In addition to the restrictions discussed above, so long as Bonds issued prior to January 1, 1997 remain outstanding, additional Bonds may not be issued unless our unconsolidated net earnings available for interest, depreciation and property retirements for a period of any 12 consecutive months during the period of 15 calendar months immediately preceding the first day of the month in which the application for authentication and delivery of additional Bonds is made shall have been not less than the greater of two times the annual interest charges on, or 10% of the principal amount of, all Bonds then outstanding, all additional Bonds then applied for, all outstanding prior lien bonds and all prior lien bonds, if any, then being applied for. Bonds cancelled at or prior to the time application is made for the issuance of New Bonds are not deemed to be outstanding for purposes of calculating interest charges in determining whether the net earnings test is met for the issuance of additional Bonds. Bonds or prior lien bonds for which moneys sufficient for the payment thereof have been deposited are not considered outstanding for this purpose. The net earnings test referred to in the previous paragraph need not be satisfied to issue additional Bonds: o on the basis of property additions subject to an unfunded prior lien which simultaneously will become a funded prior lien, if application for the issuance of the additional Bonds is made at any time after a date two years prior to the date of the maturity of the Bonds secured by the prior lien and o on the basis of the payment at maturity of Bonds theretofore issued by us, or the redemption, conversion or purchase of Bonds after a date two years prior to the date on which those Bonds mature. Based on our results for the year ended December 31, 1999, and giving effect to the maturity of $75 million principal amount of Bonds on March 1, 2000, we could issue approximately $416 million principal amount of additional Bonds (assuming an interest rate of 9 1/2%, without giving effect to the issuance of the New Bonds offered hereby). (Mortgage, Article III, Sections 3, 4, and 6; Twenty-Eighth, Twenty-Ninth, Thirtieth, Thirty-First and Thirty-Second Supplemental Indentures, Article V.) We have reserved the right to amend the Mortgage to eliminate the foregoing requirement. See "Modification of the Mortgage." Release and Substitution of Property The Mortgage provides that, subject to various limitations, property may be released from the lien thereof upon the basis of cash deposited with the Trustee, Bonds or purchase money obligations delivered to the Trustee, prior lien bonds delivered to the Trustee, or unfunded net property additions certified to the Trustee. (Mortgage, Article VII.) The Mortgage also in effect permits the withdrawal of cash against the certification to the Trustee of gross property additions at 100%, or the net bondable value of property additions at 60% (so long as Bonds issued prior to January 1, 1997 remain outstanding, and thereafter 70%), or the deposit with the Trustee of Bonds 8 we have acquired. (Mortgage, Article VIII; Sections 1-3; Twenty-Eighth, Twenty-Ninth, Thirtieth, Thirty-First and Thirty-Second Supplemental Indentures, Article V.) The Mortgage contains special provisions with respect to the release of all or substantially all of our gas and electric properties. (Twenty-Eighth, Twenty-Ninth, Thirtieth, Thirty-First and Thirty-Second Supplemental Indentures, Article IV, Sections 2 and 3.) We have reserved the right to amend the Mortgage to change the release and substitution provisions. See "Modification of the Mortgage." Priority and Security In the opinion of Richard D. Terrill, Esq., our General Counsel, the New Bonds will be secured, equally and ratably with all of the Bonds now outstanding or hereafter issued under the Mortgage, by the lien on substantially all of our fixed property and franchises purported to be conveyed by the Mortgage, subject to the exceptions referred to below, to certain minor leases and easements, permitted liens and to the exceptions and reservations in the instruments by which we acquired title to our property and to the prior lien of the Trustee for compensation, expenses and liability. In the opinion of Mr. Terrill, the Mortgage constitutes a lien on after-acquired property of the character intended to be mortgaged property. Excepted from the lien of the Mortgage are: o cash and accounts receivable; o contracts or operating agreements; o securities not pledged under the Mortgage; o electric energy, gas, water, materials and supplies held for consumption in operation or held in advance of use for fixed capital purposes; and o merchandise, appliances and supplies held for resale or lease to customers. There is further expressly excepted any property of any other corporation, all the securities of which may be owned or later acquired by us. (Granting Clauses of the Mortgage.) The lien of the Mortgage does not apply to property of KGE so long as KGE remains our wholly owned subsidiary, to the stock of KGE owned by us or to the stock of any of our other subsidiaries. The Mortgage permits our consolidation or merger with, or the conveyance of all or substantially all of our property to, any other corporation; provided, that the successor corporation assumes the due and punctual payment of the principal and interest on the Bonds of all series then outstanding under the Mortgage and assumes the due and punctual performance of all the covenants and conditions of the Mortgage. (Mortgage, Article XII, Section 1.) Modification of the Mortgage The Mortgage may be modified or altered, subject to our rights and obligations and the rights of holders of Bonds, by the written consent of the holders of at least 60% in principal amount of the Bonds, and, if the rights of one or more, but less than all, series of Bonds then outstanding are to be affected by action taken pursuant to such consent, then also by consent of the holders of at least 60% in principal amount of each series of Bonds so affected. No modification or alteration may be made which will permit the extension of the time or 9 times of payment of the principal of or interest on any Bond or a reduction in the rate of interest thereon, or otherwise affect the terms of payment of the principal of or interest on any Bond or a reduction in the rate of interest thereon or reduce the percentages required for the taking of any action thereunder. Bonds owned by us or any affiliated corporation are excluded for the purpose of any vote, determination of a quorum or consent. (Mortgage, Article XV; Section 6; Twenty-Eighth, Twenty-Ninth, Thirtieth, Thirty-First and Thirty-Second Supplemental Indentures, Article V, Sections 3 and 4.) The Mortgage also provides that without the consent of any holder of any Bond issued thereunder, the right of such holder to receive payment of the principal of and interest on such Bond, on or after the respective due dates expressed in such Bond, or to institute suit for the enforcement of any payment on or after such respective dates shall not be impaired or affected. (Mortgage, Article XXII, Section 2.) We have reserved the right subject to appropriate corporate action, but without the consent or other action of holders of Bonds of any series created after January 1, 1997, to make such amendments to the Mortgage to permit, unless an event of default shall have happened and be continuing, or shall happen as a result of making or granting an application, (1) the release from the lien of the Mortgage any mortgaged property if our fair value of all of the property constituting the trust estate (excluding the mortgaged property to be released but including any mortgaged property to be acquired by us with the proceeds of, or otherwise in connection with, such release) equals or exceeds an amount equal to 10/7ths of the aggregate principal amount of outstanding Bonds and any prior lien bonds outstanding at the time of such release; (2) in the event we are unable to obtain a release of property as described in clause (1), the release from the lien of the Mortgage of any property constituting part of the trust estate if our fair value thereof is less than 1/2 of 1% of the aggregate principal amount of Bonds and prior lien bonds outstanding at the time of such release; provided, that the property released pursuant to this clause (2) in any period of 12 consecutive calendar months shall not exceed 1% of such Bonds and prior lien bonds; (3) the deletion of the net earnings test for the issuance of additional Bonds; (4) the deletion of the requirement to obtain an independent engineer's certificate in connection with certain releases of property from the lien of the Mortgage; and (5) the deletion of a financial test to be met by another corporation in the event of our consolidation or merger into or our sale of our property as an entirety or substantially as an entirety to such other corporation. (Thirty-Third Supplemental Indenture, Article V) Events of Default An event of default under the Mortgage includes: o default in the payment of the principal of any Bond when the same shall become due and payable, whether at maturity or otherwise; o default continuing for 30 days in the payment of any installment of interest on any Bond or in the payment or satisfaction of any sinking fund obligation; 10 o default in performance or observance of any other covenant, agreement or condition in the Mortgage continuing for a period of 60 days after written notice to us thereof by the Trustee or by the holders of not less than 15% of the aggregate principal amount of all Bonds then outstanding; o failure to discharge or stay within 30 days a final judgment against us for the payment of money in excess of $100,000; and o certain events in bankruptcy, insolvency or reorganization. (Mortgage, Article IX, Section 1.) The Trustee is required, within 90 days after the occurrence thereof, to give to the holders of the Bonds notice of all defaults known to the Trustee unless such defaults shall have been cured before the giving of such notice (the term "defaults" for such purposes being defined to be the events specified above, not including any periods of grace); provided, however, that except in the case of default in the payment of the principal of or interest on any of the Bonds, or in the payment or satisfaction of any sinking or purchase fund installment, the Trustee shall be protected in withholding notice if and so long as the Trustee in good faith determines that the withholding of notice is in the interests of the holders of the Bonds and, in the case of any default specified in the third bullet point above, no notice shall be given until at least 60 days after the occurrence thereof. (Mortgage, Article XIX, Section 3.) The Trustee is under no obligation to defend or initiate any action under the Mortgage which would result in the incurring of non-reimbursable expenses unless one or more of the holders of Bonds issued under the Mortgage, including the New Bonds, furnishes the Trustee with reasonable indemnity against such expenses. In the event of default, the Trustee is not required to act unless requested to act by holders of at least 25% in aggregate principal amount of the Bonds then outstanding. (Mortgage, Article IX, Sections 1 and 4, Article XIII, Section 2 and Article XXI, Section 6.) In addition, a majority of the Bondholders have the right to direct all proceedings under the Mortgage; provided, the Trustee is indemnified to its satisfaction. (Mortgage, Article IX, Section 11.) BOOK-ENTRY SECURITIES The Securities will be issued in the form of one or more global certificates (collectively, with respect to each series or issue of Securities, the "global security") registered in the name of a depositary or a nominee of a depositary. Unless otherwise specified in the applicable prospectus supplement, the depositary will be DTC. We have been informed by DTC that its nominee will be Cede & Co. ("Cede"). Accordingly, Cede is expected to be the initial registered holder of the Securities that are issued in global form. No person that acquires an interest in the Securities will be entitled to receive a certificate representing that person's interest in such Securities except as set forth herein or in the accompanying prospectus supplement. Unless and until definitive Securities are issued under the limited circumstances described below, all references to actions by holders of Securities issued in global form shall refer to actions taken by DTC upon instructions from its Participants (as defined below), and all references herein to payments and notices to the holders shall refer to payments and notices to DTC or Cede, as the registered holder of such Securities. DTC has informed us that it is a limited purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to Section 17A of the Exchange Act, and that it was created to hold securities for its participating organizations ("Participants") and to facilitate the clearance and settlement of securities transactions among Participants through electronic book-entry, thereby eliminating the need for physical movement of certificates. Participants include securities brokers and dealers, banks, trust companies and clearing corporations, and may include certain other organizations. Indirect access to the DTC system also is available to 11 others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Participant, either directly or indirectly ("Indirect Participants"). Holders that are not Participants or Indirect Participants but that desire to purchase, sell or otherwise transfer ownership of, or other interests in, Securities may do so only through Participants and Indirect Participants. Under a book-entry format, holders may experience some delay in their receipt of payments, as such payments will be forwarded by the agent designated by us to Cede, as nominee for DTC. DTC will forward such payments to its Participants, which thereafter will forward them to Indirect Participants or holders. Holders will not be recognized by the trustee or us as registered holders of the Securities entitled to the benefits of the indenture or the terms of the Securities. Holders that are not Participants will be permitted to exercise their rights as such only indirectly through and subject to the procedures of Participants and, if applicable, Indirect Participants. Under the rules, regulations and procedures creating and affecting DTC and its operations as currently in effect, DTC will be required to make book-entry transfers of Securities among Participants and to receive and transmit payments to Participants. Participants and Indirect Participants with which holders have accounts with respect to the Securities similarly are required to make book-entry transfers and receive and transmit such payments on behalf of their respective holders. Because DTC can act only on behalf of Participants, who in turn act only on behalf of holders or Indirect Participants, and on behalf of certain banks, trust companies and other persons approved by it, the ability of a holder to pledge Securities to persons or entities that do not participate in the DTC system, or to otherwise act with respect to those Securities, may be limited due to the absence of physical certificates for those Securities. DTC has advised us that it will take any action permitted to be taken by a registered holder of any Securities under the indenture or the terms of the Securities only at the direction of one or more Participants to whose accounts with DTC those Securities are credited. A global security will be exchangeable for the relevant definitive Securities registered in the names of persons other than DTC or its nominee only if: (i) DTC notifies us that it is unwilling or unable to continue as depository for that global security or if at any time DTC ceases to be a clearing agency registered under the Exchange Act at a time when DTC is required to be so registered in order to act as depository, (ii) we execute and deliver to the trustee an order complying with the requirements of plan participantsthe indenture that global security shall be so exchangeable or (iii) there has occurred and is continuing a default in the payment of principal of, premium, if any, or interest on, the Securities or an Event of Default or an event that, with the giving of notice or lapse of time, or both, would constitute an Event of Default with respect to such Securities. Any global security that is exchangeable pursuant to the preceding sentence will be exchangeable for Securities or definitive Securities registered in those names as DTC directs. Upon the occurrence of any event described in the immediately preceding paragraph, DTC is generally required to notify all Participants of the availability through DTC of definitive Securities. Upon surrender by DTC of the global security representing the Securities and delivery of instructions for re-registration, the trustee will reissue the Securities as definitive Securities, and thereafter the trustee will recognize the holders of such definitive Securities as registered holders of Securities entitled to the benefits of the indenture or the terms of the Securities, as the case may be. 12 Except as described above, the global security may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or a successor depositary appointed by us. Except as described above, DTC may not sell, assign, transfer or otherwise convey any beneficial interest in a global security evidencing all or part of the debt securities unless such beneficial interest is in an amount equal to an authorized denomination for the Securities. PLAN OF DISTRIBUTION We may sell the Securities in any of the following ways: (i) through underwriters or dealers; (ii) directly to one or more purchasers; or (iii) through agents. The applicable prospectus supplement will set forth the terms of the offering of any Securities, including the names of any underwriters or agents, the purchase price of the Securities and the proceeds to us from such sale, any underwriting discounts and other items constituting underwriters' compensation, any initial public offering price, any discounts or concessions allowed or reallowed or paid to dealers and any securities exchanges on which the Securities may be satisfied by eitherlisted. Any specific managing underwriter or underwriters with respect to the issuanceoffer and sale of new sharesthe Securities and the members of common stock by Western Resources, or purchases of shares of common stock in the open market, the number of shares of common stock,underwriting syndicate, if any, that we ultimately will sell under the plan, or the prices at which shares will be sold, is not known. If shares are purchasednamed in the open market, wea prospectus supplement. Underwriters will not receivebe obligated to make a market in any proceeds. If purchases of common stock are made directly from us, we intendthe Securities. Unless otherwise set forth in a prospectus supplement, underwriters will be obligated to usepurchase all of the net proceeds for working capital, for retirement of debtSecurities offered, subject to certain conditions precedent. The prospectus supplement will describe the discounts and forcommissions to be allowed or paid to underwriters, if any, all other general corporate purposes. Any person who acquires shares of common stock throughitems constituting underwriting compensation, the plandiscounts and resells them shortly beforecommissions to be allowed or after acquiring thempaid to dealers and agents, if any, and the exchanges, if any, on which the Securities will be listed. Underwriters, dealers and agents may be consideredentitled, under agreements to be an underwriter within the meaning ofentered into with us, to indemnification against or to contribution with respect to certain civil liabilities, including liabilities under the Securities Act of 1933, as amended. We expect that certain personsLEGAL OPINIONS The statements as to matters of law and legal conclusions set forth in this Prospectus and in the documents incorporated by reference herein have been reviewed by Richard D. Terrill, Esq., Executive Vice President, General Counsel and Corporate Secretary of the Company, and are set forth or incorporated herein in reliance upon the opinion of Mr. Terrill. Certain legal matters in connection with the Securities will acquirebe passed upon by Richard D. Terrell, Esq., Executive Vice President, General Counsel and Corporate Secretary of the Company and by Cahill Gordon & Reindel, counsel for the Company. Cahill Gordon & Reindel will not pass upon the incorporation of the Company and will rely upon the opinion of Mr. Terrill, Esq. as to matters of Kansas law. At March 31, 2000, Mr. Terrill owned directly and/or beneficially 2,519 shares of common stock utilizing the request for waiverCommon Stock and resell those shares in order to obtain the financial benefit of any waiver discount then offered under the plan. We have no arrangement or understanding, formal or informal, with any person relating to a distribution of shares to be receivedhad been granted, pursuant to the plan. PLAN OF DISTRIBUTION AND UNDERWRITERS Pursuantand subject to the plan, we may be requested to approve optional cash investments in excessterms of the allowable maximum amounts pursuant to requestsCompany's long-term incentive and compensation programs, 40,493 performance shares and stock options exercisable for waiver on behalf of participants that may be engaged in the securities business. In deciding whether to approve such a request, we will consider relevant factors including, but not limited to, whether the plan is then acquiring newly issued32,200 shares of common stock or acquiring shares through open market purchases or privately negotiated transactions, our need for additional funds, the attractiveness of obtaining such funds by the sale of common stock under the plan in comparison to other sources of funds, the purchase price likely to apply to any sale of common stock, the participant submitting the request, including the extent and nature of such participant's prior participation in the plan and the number of shares of common stock held of record by such participant, and the aggregate number of requests for waiver that have been submitted by all participants. Persons who acquire shares of common stock through the plan and resell them shortly after acquiring them, including coverage of short positions, under certain circumstances, may be participating in a distribution of securities that would require compliance with Regulation M under the Securities Exchange Act of 1934 and may be considered to be underwriters within the meaning of the Securities Act of 1933. We will not extend to any such person any rights or privileges other than those to which it would be entitled as a participant, nor will we enter into any agreement with any such person regarding such person's purchase of such shares or any resale of distribution thereof. We may, however, approve requests for optional cash investments by such persons in excess of allowable maximum limitations. If such requests are submitted for any investment date for an aggregate amount in excess of the amount we are willing to accept, we may honor such requests in order of receipt, pro rata or by any other method which we determine to be appropriate. -19- Common Stock. EXPERTS The financial statements and schedulesschedule incorporated by reference in this prospectus and elsewhere in the registration statement have been audited by Arthur Andersen LLP, independent public accountants, as indicated in their reports with respect thereto, and are included herein in reliance upon the authority of said firm as experts in giving said reports. LEGAL OPINIONS Richard D. Terrill, Vice President, Law and Corporate Secretary of Western Resources, will issue an opinion regarding certain legal matters in connection with the common stock offered hereby. At March 31, 1999, Mr. Terrill owned directly and/or beneficially 2,125 shares of common stock and had been granted pursuant to and subject to the terms of Western Resources' 1996 Long-Term Incentive Program 22,500 stock options. NO OTHER REPRESENTATIONS No person is authorized to give any information or to make any representations other than those contained in this prospectus and, if given or made, such information or representation must not be relied upon as having been authorized. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities other than the securities offered by this prospectus or an offer to sell or a solicitation of an offer to buy such securities in any jurisdiction or to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. Neither the delivery of this prospectus nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of Western Resources since the date hereof, or that the information herein contained or incorporated by reference is correct as of any time subsequent to the date hereof. -20- APPENDIX I
WESTERN RESOURCES, INC. REQUEST FOR WAIVER OPTIONAL CASH INVESTMENTS SCHEDULE Threshold Price Pricing Period Waiver Discount Optional Cash Investment Commencement Investment Set Date Due Date Date Date - -------- -------- ---- ---- May 7, 1999 May 11, 1999 May 12, 1999 May 28, 1999 June 9, 1999 June 11, 1999 June 14, 1999 June 30, 1999 July 9, 1999 July 13 1999 July 14, 1999 July 30, 1999 August 10, 1999 August 12, 1999 August 13, 1999 August 31, 1999 September 9, 1999 September 13, 1999 September 14, 1999 September 30, 1999 October 8, 1999 October 12, 1999 October 13, 1999 October 29, 1999 November 8, 1999 November 10, 1999 November 11, 1999 November 30, 1999 December 9, 1999 December 13, 1999 December 14, 1999 December 31, 1999 January 7, 2000 January 11, 2000 January 12, 2000 January 30, 2000 February 7, 2000 February 9, 2000 February 10, 2000 February 29, 2000 March 10, 2000 March 14, 2000 March 15, 2000 March 31, 2000 April 6, 2000 April 10, 2000 April 11, 2000 April 28, 2000 May 9, 2000 May 11, 2000 May 12, 2000 May 31, 2000 June 9, 2000 June 13, 2000 June 14, 2000 June 30, 2000 July 10, 2000 July 12, 2000 July 13, 2000 July 31, 2000 August 10, 2000 August 14, 2000 August 15, 2000 August 31, 2000 September 8, 2000 September 12, 2000 September 13, 2000 September 29, 2000 October 10, 2000 October 12, 2000 October 13, 2000 October 31, 2000 November 8, 2000 November 10, 2000 November 13, 2000 November 30, 2000 December 7, 2000 December 11, 2000 December 12, 2000 December 29, 2000 January 9, 2001 January 11, 2001 January 12, 2001 January 31, 2001 February 6, 2001 February 8, 2001 February 9, 2001 February 28, 2001 March 9, 2001 March 13, 2001 March 14, 2001 March 30, 2001 April 6, 2001 April 10, 2001 April 11, 2001 April 30, 2001
Western Resources, Inc. Direct Stock Purchase Plan PROSPECTUS Dated April 19, 1999 PART II INFORMATION NOT REQUIRED IN PROSPECTUS ItemITEM 14. Other ExpensesOTHER EXPENSES OF ISSUANCE AND DISTRIBUTION The following is an itemized statement of Issuancethe estimated amounts of all expenses in connection with the issuance and Distribution. An estimatedistribution of the Securities. It is likely that the issuance and sale of the Securities will be made by sales through more than one offering and therefore some of the following expenses other than underwriting discount, follows:will be prorated among the number of offerings made by the aggregate amount of Securities offered in each case. Securities and Exchange Commission registration fee...... $28,773 Fees of New York Stock Exchange for listing.............. $14,000 Printing................................................. $35,000fee.......$132,000 Printing fees...............................................40,000 Trustee's fees..............................................50,000 Legal fees and expenses ................................. $15,000 Accountants'expenses....................................350,000 Accounting fees and expenses........................... $2,500 Miscellaneous expenses................................... $50,000expenses................................30,000 Rating agency fees.........................................225,000 Other miscellaneous expenses............................... 50,000 ------- Total ................................ $145,273 - ----------------- * All expenses, except the Securities and Exchange Commission registration fee, are estimated for the life of the plan. Item...........................................$877,000 ======= ITEM 15. Indemnification of Directors and Officers.INDEMNIFICATION OF DIRECTORS AND OFFICERS Article XVIII of the Registrant's Restated Articles of Incorporation, as amended, provides that a director of the Registrant shall not be personally liable to the Registrant or its stockholders for monetary damages for breach of fiduciary duty as a director except for liability (i) for any breach of the director's duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) for paying a dividend or approving a stock repurchase in violation of the Kansas General Corporation Law or (iv) for any transaction from which the director derived an improper personal benefit. This provision is specifically authorized by Section 17-6002(b)(8) of the Kansas General Corporation Law. Section 17-6305 of the Kansas General Corporation Law (the "Indemnification Statute") provides for indemnification by a corporation of its corporate officers, directors, employees and agents. The Indemnification Statute provides that a corporation may indemnify such persons who have been, are, or may become a party to an action, suit or proceeding due to his or her status as a director, officer, employee or agent of the corporation. Further, the Indemnification Statute grants authority to a corporation to implement its own broader indemnification policy. Article XVIII of the Company's Restated Articles of Incorporation, as amended, requires the Company to indemnify its directors and officers to the fullest extent provided by Kansas law. Further, as is provided for in Article XVIII, the Company has entered into indemnification agreements with its directors, which provide indemnification broader than that available under Article XVIII and the Indemnification Statute. Item 16. Exhibits. The ExhibitsStandard Purchase Agreement filed as Exhibit 1 to the Registration Statement includes provisions requiring underwriters to indemnify the Company as well as its directors and officers who signed this Registration Statement, are listedas well as its controlling persons, against certain civil liabilities, including liabilities under the Securities Act of 1933, in certain circumstances. 14 ITEM 16. EXHIBITS Exhibit No. Exhibit 1 Standard Purchase Agreement (1) 4(a) Mortgage and Deed of Trust dated July 1, 1939 between the Company and Harris Trust and Savings Bank, Trustee (2) 4(b) Twenty-Eighth Supplemental Indenture dated July 1, 1992 (2) 4(c) Twenty-Ninth Supplemental Indenture dated as of August 20, 1992 (2) 4(d) Thirtieth Supplemental Indenture dated as of February 1, 1993 (2) 4(e) Thirty-First Supplemental Indenture dated as of April 15, 1993 (2) 4(f) Thirty-Second Supplemental Indenture dated as of April 15, 1994 (2) 4.1 Thirty-Third Supplemental Indenture dated as of August 11, 1997 (1) 4.2 Form of Supplemental Indenture for New Bonds (1) 5 Opinion of Richard D. Terrill, Esq. (1) 12 Computation of Ratio of Earnings to Fixed Charges (2) 23(a) Consent of Richard D. Terrill, Esq. (contained in Exhibit Index5) (1) 23(b) Consent of Arthur Andersen LLP (1) 24 Power of Attorney (set forth on Pages E-1 and E-2the signature page of this Registration Statement) 25(a) Statement which Index is incorporated hereinof Eligibility of Trustee regarding Form of Supplemental Indenture (1) - -------------- (1) Filed herewith. (2) Incorporated by reference. Itemreference to exhibits previously filed with the SEC as follows:
Exhibit Number in this Former Exhibit Registration Statement Reference File Reference ---------------------- --------- -------------- 1 1 33-48470* 4(a) 4(a) 33-21739* 4(b) 4(o) Form 10-K, Year ended December 31, 1992** 4(c) 4(p) Form 10-K, Year ended December 31, 1992** 4(d) 4(q) Form 10-K, Year ended December 31, 1992** 4(e) 4(r) 33-50069* II-2 4(f) 4(s) Form 10-K, Year ended December 31, 1995** 12 12 Form 10-K, Year ended December 31, 1999**
- -------------- (*) Registration Statements under the Securities Act of 1933. (**) File No. 1-3523 under the Securities Exchange Act of 1934. ITEM 17. Undertakings.UNDERTAKINGS The undersigned registrant hereby undertakes: (1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:registration statement: (i) To include any prospectus required by Sectionsection 10(a)(3) of the Securities Act of 1933; (ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statementregistration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement;registration statement; (iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statementregistration statement or any material change to such information in the Registration Statement;registration statement; provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the Registration Statement is on Form S-3 or Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrantregistrant pursuant to Sectionsection 13 or Sectionsection 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration Statement.registration statement. (2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment that contains a form of prospectus shall be deemed to be a new Registration Statementregistration statement relating to the securities offered therein, and the offeringoffer of suchthose securities at that time shall be deemed to be the initial bona fide offering thereof. (3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. The undersigned Registrant hereby undertakes that,(4) That for the purposes of determining any liability under the Securities Act of 1933, each filing of Registrant'sthe registrant's annual report pursuant to Sectionsection 13(a) or Sectionsection 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the Registration Statementregistration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of suchthose securities at that time shall be deemed to be the initial bona fide offering thereof. (5) In the event that the terms of any offers and sales of the Securities are determined by competitive bidding (i) to use its best efforts to distribute, prior to the opening of bids, to prospective bidders, underwriters and dealers a reasonable number of copies of a prospectus which at the time meets the requirements of section 10(a) of the Securities Act of 1933, and relating to the securities offered at competitive bidding, as contained in the registration statement together with any supplements thereto and (ii) to file an amendment to the registration statement reflecting the results of competitive bidding. II-3 (6) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers andor controlling persons of the RegistrantWestern, pursuant to the provisions described under Item 15 above, or otherwise, the RegistrantWestern has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in thesaid Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the RegistrantWestern of expenses incurred or paid by a director or officer or controlling person of the RegistrantWestern in the successful defense of any action, suit or proceeding) is asserted by such director officer or controlling personofficer in connection with the securities being registered hereby and the RegistrantSecurities and Exchange Commission is still of the same opinion, we will, unless in the opinion of its counsel the matter has been settled by II-2 controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in thesaid Act and will be governed by the final adjudication of such issue. II-3II-4 SIGNATURES Pursuant to the requirements of the Securities Act of 1933, Western Resources, Inc., the Registrant, certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunderthereunto duly authorized, in the City of Topeka, State of Kansas, on the 19th day of April 1999.28, 2000. WESTERN RESOURCES, INC. (Registrant) By: /s/David C. Wittig ------------------------------------------------------- Name: David C. Wittig Title: Chairman of the Board, President and Chief Executive Officer POWER OF ATTORNEY Each person whose signature appears below hereby constitutes and appoints David C. Wittig, William B. Moore and Richard D. Terrill and each of them, any of whom may act without the joinder of the other, asacting alone, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any andor all amendments (including post-effective amendments)or supplements to this Registration Statement on Form S-3 and to file the same with all exhibits thereto and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary or appropriate to be done with this Registration Statement and any amendments or supplements hereto, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Signature Title Date - --------- ----- ---- /s/David C. Wittig Chairman of the Board, President and Chief April 19, 199928, 2000 - ------------------------------ Chief-------------------------------------- Executive Officer (Principal DavidExecutive (David C. Wittig ExecutiveWittig) Officer) /s/William B. Moore Acting Executive Vice President and Chief April 19, 199928, 2000 - ------------------------------ Chief-------------------------------------- Financial Officer (Principal WilliamFinancial and (William B. Moore Financial andMoore) Accounting Officer) /s/Frank J. Becker Director April 19, 199928, 2000 - ------------------------------ Frank-------------------------------------- (Frank J. Becker II-4Becker) /s/Gene A. Budig Director April 28, 2000 - -------------------------------------- (Gene A. Budig) II-5 Signature Title Date - --------- ----- ---- /s/ C.Charles Q. Chandler, IV Director April 19, 199928, 2000 - ------------------------------ C.-------------------------------------- (Charles Q. Chandler, IV) /s/ Thomas R. Clevenger Director April 19, 1999 - ------------------------------ Thomas R. Clevenger /s/ John C. Dicus Director April 19, 199928, 2000 - ------------------------------ John-------------------------------------- (John C. DicusDicus) /s/ David H. HughesOwen F. Leonard Director April 19, 199928, 2000 - ------------------------------ David H. Hughes-------------------------------------- (Owen F. Leonard) /s/Russell W. Meyer, Jr. Director April 19, 199928, 2000 - ------------------------------ Russell-------------------------------------- (Russell W. Meyer, Jr.) /s/John C. Nettels, Jr. Director April 28, 2000 - -------------------------------------- (John C. Nettels, Jr.) /s/Jane DresnerDesner Sadaka Director April 19, 199928, 2000 - ------------------------------ Jane Dresner Sadaka-------------------------------------- (Jane Desner Sadaka) /s/Louis W. Smith Director April 19, 199928, 2000 - ------------------------------ Louis-------------------------------------- (Louis W. SmithSmith)
II-5II-6 EXHIBIT INDEX TO EXHIBITS Exhibit NumberNo. Exhibit 3(a) -- Restated ArticlesPage - ----------- ------- ---- 1 Standard Purchase Agreement 4(a) Mortgage and Deed of IncorporationTrust dated July 1, 1939 between the Company and Harris Trust and Savings Bank, Trustee * 4(b) Twenty-Eighth Supplemental Indenture dated July 1, 1992 * 4(c) Twenty-Ninth Supplemental Indenture dated as of the company,August 20, 1992 * 4(d) Thirtieth Supplemental Indenture dated as amended through May 25, 1988, filedof February 1, 1993 * 4(e) Thirty-First Supplemental Indenture dated as Exhibit 4 to Registration Statement, SEC File No. 33-23022 (incorporated by reference). 3(b) -- Certificate of Amendment to Restated ArticlesApril 15, 1993 * 4(f) Thirty-Second Supplemental Indenture dated as of IncorporationApril 15, 1994 * 4.1 Thirty-Third Supplemental Indenture dated as of the company dated March 29, 1991, filed as exhibit 3(b) to December 1998August 11, 1997 4.2 Form 10-K (incorporated by reference). 3(c) -- Certificate of DesignationsSupplemental Indenture for Preference Stock, 8.5% Series, without par value, dated March 31, 1991 and filed as exhibit 3(d) to December 1993 Form 10-K (incorporated by reference). 3(d) -- Certificate of Correction to Restated Articles of Incorporation of the company dated December 20, 1991, filed as exhibit 3(b) to December 1991 Form 10-K (incorporated by reference). 3(e) -- Certificate of Designations for Preference Stock, 7.58% Series, without par value, dated April 8, 1992 and filed as exhibit 3(e) to December 1993 Form 10-K (incorporated by reference). 3(f) -- Certificate of Amendment to Restated Articles of Incorporation of the company dated May 8, 1992, filed as exhibit 3(c) to December 31, 1994 Form 10-K (incorporated by reference). 3(g) -- Certificate of Amendment to Restated Articles of Incorporation of the company dated May 26, 1994, filed as exhibit 3 to June 1994 Form 10-Q (incorporated by reference). 3(h) -- Certificate of Amendment to Restated Articles of Incorporation of the company dated May 14, 1996, filed as exhibit 3(a) to June 1996 Form 10-Q (incorporated by reference). 3(i) -- Certificate of Amendment to Restated Articles of Incorporation of the company dated May 12, 1998, filed as exhibit 3 to March 1998 Form 10-Q (incorporated by reference).New Bonds 5 -- Opinion of Richard D. Terrill, Esq. (1)12 Computation of Ratio of Earnings to Fixed Charges * 23(a) -- Consent of Richard D. Terrill, Esq. (contained in Exhibit 5) (1) 23(b) -- Consent of Arthur Andersen LLP (1) 24 Power of Attorney (set forth on the signature page of this Registration Statement) 25(a) Statement of Eligibility of Trustee regarding Form of Supplemental Indenture - ---------------- (1)-------------------------- * Previously filed.