VANCOUVER, BC, March 11, 2022 /CNW/ – Westshore Terminals Investment Corporation (TSX: WTE) (“Westshore” or the “Corporation”) announced today an increase in the quarterly dividend from $0.25 per share to $0.30 per share. The Q1 dividend will be paid on or before April 15, 2022, to shareholders of record on March 31, 2022. The Q1 2022 dividend will be designated an “eligible dividend” for Canadian tax purposes.
Westshore also announces a one-time, non-recurring special dividend of $1.50 per share, which will also be paid on or before April 15, 2022, to shareholders of record on March 31, 2022, together with the Q1 dividend announced above. The special dividend will be designated an “eligible dividend” for Canadian tax purposes.
This special dividend has been approved and is being paid in recognition of Westshore’s current cash resources versus cash needs. There is no assurance that any other special dividends will be paid in the future and if paid for what amount. The board will continue to review all factors relevant to the level of dividends, including operating performance, current and anticipated market conditions, and the suitability of applying funds to repurchase shares.
Westshore anticipates shipping approximately 6.6 million tonnes in Q1 2022, compared to 7.7 million tonnes for the same period in 2021. Q1 2022 volumes have been impacted by difficult winter weather conditions affecting both terminal operations and rail deliveries. 2022 throughput volumes are anticipated to be approximately 27.5 million tonnes at an average loading charge of approximately $11.85 per tonne.
The foregoing statements concerning anticipated throughput volumes and the levels of dividends 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.
SOURCE Westshore Terminals Investment Corporation