VANCOUVER, BC, April 8,
2022 /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, 2022.
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
36,346 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,
2022 and will terminate on the earlier of April 12, 2023 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 did not make any purchases of 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,
2022.
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
