VANCOUVER, June 19, 2012 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE.UN) (the "Corporation") and Westshore Terminals Holdings Ltd. ("Holdings") announced today that a payment of $23,852,818 (representing $0.321 per unit) will be paid on or before July 13, 2012 to unitholders of record on June 30, 2012 as compared to a distribution of $17,912,816 (representing $0.241 per unit) for the second quarter of 2011.
$0.19 per unit of the Q2 2012 distribution is in the form of a dividend on the shares of the Corporation, and the remaining $0.13125 per unit is interest on the $5.00 Notes issued by Holdings bearing interest at 10.5% per annum.
For the five months ended May 31, 2012, Westshore loaded 11.0 million tonnes as compared to 10.6 million tonnes for 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 installed and the terminal took the opportunity of the downtime to perform some significantly accelerated longer term maintenance and upgrades to the site) and further interruptions will occur for approximately five weeks commencing at the end of September 2012 (when a new double rotary railcar dumper will be installed replacing the old single dumper), all as part of previously announced maintenance and capital expansion projects. Westshore nevertheless anticipates throughput volumes to be at similar levels to 2011, but at higher overall rates. Following completion of these projects which are expected by the end of 2012, it is anticipated that the rated capacity of the terminal will be approximately 33 million tonnes per year, based on certain regular operating assumptions.
Results on the Corporation's proposed capital restructuring will be announced later today following the Annual and Special Meeting to be held at 9:00 am.
The foregoing statements concerning expected throughput volumes 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.
For further information: