VANCOUVER, Aug. 18, 2017 /CNW/ - Westshore Terminals Investment Corporation (WTE – TSX) (the "Corporation") today announced that it has received acceptance from the Toronto Stock Exchange (the "Exchange") to increase the number of common shares ("Common Shares") that it may acquire under its current normal course issuer bid (the "Bid"). The Bid was announced by press release issued on April 6, 2017. Under the Bid the Corporation may now purchase for cancellation, from time to time, as it considers advisable, up to a total of 3,663,857 Common Shares being 5% of the 73,277,154 Common Shares that were outstanding as of March 31, 2017. To date 1,261,876 Common Shares have been acquired under the Bid, leaving a further 2,401,981 Common Shares which may be acquired under the Bid.
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 Common Shares purchased under the Bid will be the prevailing market price of such Common Shares at the time of such purchase. Under applicable rules, the Corporation may purchase up to 27,741 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 commenced on April 11, 2017 and will terminate on the earlier of April 10, 2018 or the date on which the Corporation has acquired all of the Common 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 has to date purchased 1,261,876 Common Shares under the Bid at a weighted average price of $21.48 per Common Share. Purchases utilizing the increased number of shares subject to the Bid may be made on or after August 23, 2017.
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: Nick Desmarais, Secretary & Vice President of Corporate Development, (604) 488-5214