VANCOUVER, April 7, 2020 /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 3,253,787 of the
Corporation's issued and outstanding common shares (the "Common
Shares"), being 5% of the 65,075,745 Common Shares outstanding
as of April 6, 2019.
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 and/or through
alternate trading systems in Canada upon which the Common Shares are traded
(collectively, "ATSs"). 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 71,117 Common Shares in any one trading day,
being 25% of the average trading volume of the Common Shares on the
Toronto Stock Exchange over the past six months (the "ADTV")
(provided that the Corporation may purchase up to 142,234 Common
Shares in any one trading day up to and including June 30, 2020, being 50% of the ADTV, pursuant to
and in accordance with the temporary blanket relief granted by the
Exchange in light of the circumstances surrounding the COVID-19
pandemic under the Staff Notice 2020-0002 issued on March 23, 2020), and may purchase once per
calendar week in a block trade a greater number of Common
Shares.
The Bid will commence on April 13,
2020 and will terminate on the earlier of April 12, 2021 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. Under its current normal course issuer bid (which
expires on April 10, 2020), the
Corporation has purchased 1,754,542 Common Shares (which was
less than the maximum number of Common Shares sought and approved
for purchase by the Exchange, being 3,334,831 Common Shares), at a
weighted average price of $16.15 per Common Share. Such purchased
Common Shares were acquired through the facilities of the Exchange
or through ATSs.
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