VANCOUVER, April 2, 2013 /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
3,712,500 of the Corporation's issued and outstanding Common Shares,
being 5% of the 74,250,016 Common Shares outstanding as of today.
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 as well as through alternate
trading systems in Canada upon which the Common Shares are traded. The
price that the Corporation will pay for any shares purchased under the
Bid will be the prevailing market price of such shares at the time of
such purchase. Under applicable rules, the Corporation may purchase up
to 37,691 Common Shares in any one trading day, and may purchase once
per calendar week in a block trade a greater number of Common Shares.
The Bid will commence on April 9, 2013 and will terminate on the earlier
of April 9, 2014 or the date on which the Corporation has acquired all
of the 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 Board of Directors of the Corporation believe 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
Nick Desmarais
Secretary
(604) 488-5214