MONTREAL, May 14 /CNW/ - World Point Terminals Inc. (TSX:WPO, the "Company") announces the declaration of an extraordinary dividend of US$7.00 per common share payable on June 28, 2010 to its shareholders of record as at June 17, 2010. The dividend is designated as an "eligible dividend" within the meaning of the Income Tax Act (Canada) and any applicable provincial equivalent. The distribution is expected to be treated as "qualified dividend income" within the meaning of the United States Internal Revenue Code.
As a result of the declaration of this US$7.00 dividend, the redemption consideration to be paid to minority shareholders pursuant to the proposed amalgamation (as described in the Company's April 9 and May 13, 2010 press releases) will be reduced from US$19.90 to US$12.90.
The Company last paid a dividend in December 2009, when the Board of Directors authorized payment of a US$0.50 per common share extraordinary dividend.
About World Point Terminals Inc.
The Company and its subsidiaries own and operate 10 million barrels of liquid bulk storage and terminal facilities located in the United States. These facilities store, blend and transship petroleum and other liquid products.
On behalf of the Board,
Bernard A. Roy
President & CEO
May 14, 2010
Cautionary Statement Regarding Forward-Looking Statements
Some of the statements contained in this release may be forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition to exist or occur. Since forward-looking statements, by their very nature, involve inherent risks and uncertainties, actual results in the future could differ materially from those currently anticipated in such statements by reason of factors including, but not limited to, changes in economic and market conditions and changes in world political stability. World Point
Terminals will not update or revise any forward-looking statements for new information, future events or otherwise.
SOURCE WORLD POINT TERMINALS INC.
For further information: For further information: Please visit the website at www.wpo.ca, or call (514) 847-4519 for more information