VANCOUVER, BC, April 10,
2023 /CNW/ - Westshore Terminals Investment
Corporation (TSX: WTE) (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 3,559,056 of the Corporation's issued
and outstanding common shares (the "Common Shares"), being
10% of the Corporation's "public float" (as defined in the TSX
Company Manual) as of March 31, 2023.
As of March 31, 2023, the Corporation
had 62,514,675 issued and outstanding Common Shares, of which
35,590,565 Common Shares represented the public float.
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
alternative 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 27,947 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, and may purchase once per calendar week in a block
trade a greater number of Common Shares.
The Bid will commence on April 13,
2023 and will terminate on the earlier of April 12, 2024 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 purchased 743,160 Common Shares under
its recent normal course issuer bid for which 3,162,891 Common
Shares were sought and approved for purchase and which expires on
April 12, 2023. The Common
Shares were purchased through the facilities of the TSX and
alternative Canadian trading systems at a volume weighted average
price of $23.77 per Common Share.
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