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