VANCOUVER, Sept. 14, 2011 /CNW/ - Westshore Terminals Investment
Corporation (TSX: WTE.UN) (the "Corporation") and Westshore Terminals
Holdings Ltd. ("Holdings") announced today that a payment of
$21,625,317 (representing $0.29125 per unit) will be paid on or before
October 15, 2011 to unitholders of record on September 30, 2011 as
compared to a distribution of $34,155,007 from Westshore Terminals
Income Fund (representing $0.46 per fund unit) for the third quarter of
2010. The distributions per unit for Q3 2010 v. 2011 compare as
|From cash reserves:||$0.094||n/a|
$0.16 per unit of the Q3 2011 distribution is in the form of a dividend on the shares of the Corporation, and the remaining $0.13125 per unit is interest on the $5.00 Notes issued by Holdings bearing interest at 10.5% per annum.
Distributions for 2011 are not comparable to those paid in 2010 when the structure of the entity was an income fund, rather than the corporate form, and no income taxes were paid at the fund level. In 2010, distributions were also increased by payments of cash reserves (as shown above) and no such additional cash payments are contemplated for 2011.
For the eight months ended August 31, 2011, Westshore loaded 17.9 million tonnes as compared to 16.2 million tonnes for the same period in 2010. Based on the information currently available, Westshore anticipates volumes in 2011 will be in excess of 26.5 million tonnes.
The foregoing statements concerning expected throughput volumes are forward-looking statements that reflect the current expectations of the Corporation with respect to future events and performance. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such performance or results will be achieved.
Forward-looking statements 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, and will be impacted by and are subject to the risks and uncertainties outlined in the Corporation's Annual Information Form that could cause actual performance or results to differ materially from those reflected in the forward-looking statements, historical results or current expectations.
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