VANCOUVER, Dec. 14 /CNW/ - Westshore Terminals Income Fund (TSX: WTE.UN) (the "Fund") announced today that a cash distribution of $36,011,258 (representing $0.485 per trust unit) will be paid on or before January 15, 2011 to unitholders of record at December 31, 2010 as compared to $29,700,006 (representing $0.40 per trust unit) for the same period in 2009. $0.405 per unit of the Q4 distribution is derived from the results from operations of Westshore Terminals Limited Partnership ("Westshore") in the current period, and $0.08 per unit comes from Westshore's cash reserves. For 2010, total distributions of $1.40 per unit were derived from the results from operations and $0.375 per unit from Westshore's cash reserves. For 2011, it is anticipated that distributions will be solely based on after-tax operating results and no additional amounts will be paid from any remaining cash reserves.
For the fourth quarter of 2010, Westshore anticipates that its tonnage throughput will be approximately 6.3 million tonnes as compared to 5.2 million tonnes for the same period in 2009. Tonnage throughput for 2010 as a whole is anticipated to be approximately 24.6 million tonnes compared to 20.1 million tonnes for 2009.
Based on estimates provided periodically to Westshore by its customers, Westshore anticipates that total throughput for 2011 should be in excess of 2010 levels but at lower overall average rates due to less rate participation in coal prices.
The restructuring of the Fund as previously announced in September, October and November press releases and disclosure documents is proceeding as planned and will take effect January 1, 2011. Trading of the new units (comprising a $5 principal amount note paying 10.5% interest, and a share paying a dividend of no fixed or pre-set amount) should commence on or about January 4, 2011 under the symbol WTE.UN. Unitholders who hold their units currently through brokerage accounts (and not registered in their names) will receive the new units without taking any action. Unitholders who hold current Westshore units registered in their name should consult the Fund or Computershare, the Fund's transfer agent, for more information and direction.
Canadian taxable unitholders may elect to obtain a full or partial tax free rollover for Canadian tax purposes (resulting from the disposition of the current units for the new units), if such unitholders make the appropriate tax election. Unitholders interested in making an election must provide the relevant information requested on the Fund's tax election website (which will be live as of January 4, 2011), by no later than 5:00 pm (Vancouver time) on February 29, 2012, although unitholders may need to provide the information sooner depending on their taxation year-ends and filing deadlines. Unitholders are strongly encouraged to consult their own tax advisors in this regard.
For further information: For further information: