VANCOUVER, BC, April 8, 2021 /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 3,162,891 of the
Corporation's issued and outstanding common shares (the "Common
Shares"), being 5% of the 63,257,835 Common Shares outstanding
as of April 7, 2021.
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 55,358 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"), and may purchase once per calendar week in a block
trade a greater number of Common Shares.
The Bid will commence on April 13,
2021 and will terminate on the earlier of April 12, 2022 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 12, 2021), the
Corporation has purchased 1,639,594 Common Shares (which was
less than the maximum number of Common Shares sought and approved
for purchase by the Exchange, being 3,253,787 Common Shares), at a
weighted average price of $15.54 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
