Westshore Terminals announces Q1 2013 distribution
VANCOUVER, March 19, 2013 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) (the "Corporation") announced today that a payment of $24,502,505 (representing $0.33 per share) will be paid on or before April 15, 2013 to shareholders of record on March 31, 2013 as compared to a distribution of $22,367,817 (representing $0.301 per unit) for the first quarter of 2012. The Q1 2013 distribution is a dividend only payment and is therefore not comparable with the Q1 2012 distribution which was comprised of a dividend of $0.17 per unit and an interest payment of $0.13125 per unit. The change in the form of distribution payment results from the corporation's capital restructuring completed in July 2012.
The Q1 throughput has been negatively impacted as a result of the incident that occurred on December 7, 2012 when the ship Cape Apricot ran through the trestle at Berth 1, rendering ship loading at Berth 1 impossible until operations resumed on February 8, 2013.
For the two months ended February 28, 2013 (and factoring in the inoperative Berth 1 through February 8, 2013), Westshore loaded 3.4 million tonnes as compared to 4.3 million tonnes for the same period in 2012. For Q1 2013, Westshore anticipates it will load approximately 6.0 million tonnes compared to Q1 2012 of 6.4 million tonnes. Lower volume was caused by the trestle incident.
Throughput volumes for 2013, after factoring in the Berth 1 disruption, are anticipated to be 28 -30 million tonnes for the year as a whole. In the absence of this incident, it had been anticipated that 2013 throughput levels would have been approximately 30 - 32 million tonnes at average rates expected to be higher than 2012 as a whole.
The Corporation's previously announced distribution reinvestment plan (the "Plan") is available effective for Q1 2013 distributions. Under the Plan, Canadian resident shareholders will be able to designate that all or a portion of the quarterly distributions payable on their shares be applied towards the purchase of additional shares through the facilities of The Toronto Stock Exchange at prevailing market prices. Participants in the Plan will not pay administrative or brokerage costs associated with the purchase of shares under the Plan.
Computershare Investor Services Inc. ("Computershare") has been appointed as Plan Agent and will be responsible for the administration of the Plan. Computershare will hold shares acquired under the Plan in an account on behalf of Participants.
The Corporation also announced today the approval by its board of directors of an advance notice policy (the "Policy") which requires advance notice to the Corporation in circumstances where nominations of persons for election to the board of directors are made by shareholders of the Corporation. The Policy fixes a deadline by which holders of record of common shares must submit director nominations to the Secretary of the Corporation prior to any meeting of shareholders and sets forth the specific information that a shareholder must include in the written notice to the Secretary of the Corporation for an effective nomination to occur. No person will be eligible for election as a director of the Corporation unless nominated in accordance with the provisions of the Policy.
In the case of an annual meeting of shareholders, notice to the Corporation must be made not less than 30 nor more than 65 days prior to the date of the annual meeting. The Corporation's 2013 Annual General Meeting ("AGM") is scheduled for June 18, 2013. The Policy is now in effect. In accordance with the terms of the Policy, the Policy will be put to shareholders of the Company for approval at the AGM. If the Policy is not confirmed at the meeting by ordinary resolution of shareholders, the Policy will terminate and be of no further force and effect following the termination of the AGM. The full text of the Policy will be available via SEDAR at www.sedar.com or upon request by contacting the Secretary of the Company at 604-488-5214.
The foregoing statements concerning anticipated throughput volumes and average loading rates are forward-looking statements that reflect the current expectations of the Corporation with respect to future events and performance. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such performance or results will be achieved.
Forward-looking statements are based on information available at the time they are made, assumptions made by management, and management's good faith belief with respect to future events, and will be impacted by and are subject to the risks and uncertainties outlined in the Corporation's Annual Information Form that could cause actual performance or results to differ materially from those reflected in the forward-looking statements, historical results or current expectations.
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