VANCOUVER, April 7, 2014 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) (the "Corporation") today announced that it has received acceptance from the Toronto Stock Exchange (the "Exchange") to make a normal course issuer bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 3,712,500 of the Corporation's issued and outstanding Common Shares, being 5% of the 74,250,016 Common Shares outstanding as of today.
Purchases pursuant to the Bid will be made from time to time by Scotia Capital Inc. on behalf of the Corporation by open market transactions through the facilities of the Exchange as well as through alternate trading systems in Canada upon which the Common Shares are traded. The price that the Corporation will pay for any shares purchased under the Bid will be the prevailing market price of such shares at the time of such purchase. Under applicable rules, the Corporation may purchase up to 23,238 Common Shares in any one trading day, and may purchase once per calendar week in a block trade a greater number of Common Shares.
The Bid will commence on April 9, 2014 and will terminate on the earlier of April 8, 2015 or the date on which the Corporation has acquired all of the shares sought pursuant to the Bid, unless terminated earlier by the Corporation. Common Shares purchased by the Corporation under the Bid will be cancelled. The Corporation did not make any purchases under its existing normal course issuer bid, which will expire on April 8, 2014.
The Board of Directors of the Corporation believes that from time to time the market price of the Common Shares may not adequately reflect the value of its business and its future business prospects. As a result, the Corporation believes that its outstanding Common Shares may, at such times, represent an attractive investment and an appropriate and desirable use of its available funds. The foregoing statements concerning anticipated purchases of Common Shares under the Bid are forward-looking statements that reflect the current expectations of the Corporation. Forward-looking statements should not be read as a guarantee that the Corporation will purchase Common Shares under the Bid, and 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.
SOURCE: Westshore Terminals Investment Corporation
For further information:
Secretary & Vice-President of Corporate Development