VANCOUVER, March 21, 2016 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) ("Westshore" or the "Corporation") announced today that a dividend of $11,818,553 (representing $0.16 per share) will be paid on or before April 15, 2016 to shareholders of record on March 31, 2016, which is the same amount that was paid in Q4 2015. The Q1 2016 dividend will be designated an "eligible dividend" for Canadian tax purposes.
For the two months ended February 29, 2016, Westshore loaded 4.2 million tonnes as compared to 5.1 million tonnes for the same period in 2015. Westshore anticipates that it will load approximately 6.8 million tonnes in Q1 2016 compared to 7.9 million tonnes for the same period in 2015. Lower volumes year over year are the result of certain renegotiated agreements in Q4 2015, but 2016 volumes are on track with the restructured contracts. Based on current information 2016 throughput volumes are currently anticipated to be 24 – 24.5 million tonnes.
Westshore's $270 million capital project remains on time and on budget. The new consolidated office and maintenance shops, employee facilities and warehouse building was completed and all functions and employees moved in Q4 2015. The replacement shiploader at Berth 1 and one new stacker reclaimer will be up and running by the end 2016 and the other two new stacker reclaimers, are to be delivered and commissioned each in 2017 and 2018 respectively. Westshore has the option, until December 31, 2016, to cancel the third stacker reclaimer and will make that determination later in 2016. If the order for the third stacker reclaimer is cancelled, the total budget for the project would drop to $225 million.
The foregoing statements concerning anticipated throughput volumes and loading rates, the cost, duration and effects of the capital project and the levels of dividends and debt 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.
SOURCE Westshore Terminals Investment Corporation
For further information: Nick Desmarais, Secretary & Vice President of Corporate Development, (604) 488-5214