The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Westshore Terminals Investment Corporation announces normal course issuer bid

Tuesday, April 02, 2013

Westshore Terminals Investment Corporation announces normal course issuer bid

20:00 EDT Tuesday, April 02, 2013

VANCOUVER, April 2, 2013 /CNW/ - Westshore Terminals Investment Corporation (WTE - TSX) (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 37,691 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, 2013 and will terminate on the earlier of April 9, 2014 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 Board of Directors of the Corporation believe 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
(604) 488-5214

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections