VANCOUVER, BC, April 10,
2024 /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 3,310,738 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 April 2, 2024.
As of April 2, 2024, the Corporation
had 62,512,175 issued and outstanding Common Shares, of which
33,107,387 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. 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 16,531 Common Shares in any one
trading day (being 25% of the average trading volume of the Common
Shares on the Exchange over the past six months, which is 66,127),
and may purchase once per calendar week in a block trade a greater
number of Common Shares.
The Bid will commence on April 15,
2024 and will terminate on the earlier of April 14, 2025 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. Through the facilities of the Exchange, the Corporation
purchased 30,900 Common Shares at the weighted average price of
$24.98 per Common Share under its
recent normal course issuer bid, for which 3,559,056 Common Shares
were sought and approved for purchase and which expires on
April 12, 2024.
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