VANCOUVER, Sept. 18, 2012 /CNW/ - Westshore Terminals Investment
Corporation (TSX: WTE) (the "Corporation") announced today that a
payment of $24,502,505 (representing $0.33 per unit) will be paid on or
before October 15, 2012 to shareholders of record on September 30, 2012
as compared to a distribution of $21,625,317 (representing $0.29125 per
unit) for the third quarter of 2011. The Q3 2012 distribution is a
dividend only payment and is therefore not comparable with the Q3 2011
distribution which was comprised of a dividend of $0.16 per unit and an
interest payment of $0.13125 per unit. The change in distribution
payment form results from the corporation's capital restructuring
completed in July 2012, and previously reported.
For the eight months ended August 31, 2012, Westshore loaded
18.2 million tonnes as compared to 17.9 million tonnes for the same
period in 2011. For Q3 2012, Westshore anticipates it will load
approximately 7 million tonnes compared to the 7.4 million tonnes
loaded in the same period in 2011. Based on information currently
available, Westshore anticipates volumes in 2012 will be approximately
the same as in 2011 (notwithstanding the anticipated operational
interruptions at the terminal described below), but at higher average
loading rates than the average for 2011 as a whole.
Planned interruptions at the terminal occurred during the last week of
March and first week of April 2012 (when the chutes in three of the
major transfer towers were successfully replaced and the terminal took
the opportunity to perform some significant accelerated longer term
maintenance and upgrades to the site). Approximately five weeks of
additional interruptions will occur commencing at the beginning of
October 2012 when a new double rotary railcar dumper will be installed,
replacing the old single dumper. These interruptions are a part of
previously announced maintenance and capital expansion projects.
Following completion of these projects, which are expected by the end
of 2012, it is anticipated that the capacity of the terminal will be
approximately 33 million tonnes per year, based on certain regular
The Corporation also announced today that it will introduce a
distribution reinvestment plan (the "Plan"). 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.
Further details regarding the Plan, including the documentation to be
completed by those shareholders wishing to participate in the Plan,
will be made available to shareholders within the next 60 days. The
Plan will be applicable to distributions starting in the quarter ended
December 31, 2012. The Corporation's predecessor previously had a
similar plan that was in existence from June 2007 - December 2010.
The foregoing statements concerning anticipated throughput volumes,
duration of operating disruptions and future capacity 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
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