Westshore files Notice of Meeting and Information Circular

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[{"type":"text","content":"\n\n\n\n Oct. 5, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n VANCOUVER, Oct 5 /CNW/ - Westshore Terminals Income Fund (TSX: WTE-UN)\n (the "Fund") announced today that the Fund filed its Notice of Meeting\n and Information Circular with the Canadian security regulatory\n authorities in connection with the Special Meeting of Unitholders being\n held on November 4, 2010 to vote on the proposed restructuring of the\n Fund.  Copies of the documents are available on SEDAR at www.sedar.com\n and the Fund's website at www.westshore.com.\n \n\n The Fund previously announced on September 14, 2010 that the Trustees of\n the Fund had approved a process for conversion of the Fund to corporate\n form effective January 1, 2011. Under the proposal unitholders will\n receive a combination of shares and debt in exchange for their Fund\n Units. The shares will be issued by a newly formed public company ("New\n Westshore"). The debt, in the amount of $5.00 per existing Unit, will be\n issued in the form of Notes by a wholly owned subsidiary of New\n Westshore and will mature on December 31, 2040. The commercial rate of\n interest on the Notes has now been fixed at a rate of 10.5% per annum.\n The debt will be secured, but can be subordinated to any senior debt\n incurred in the future by the enterprise (that might be used for future\n expansion opportunities, for example). The shares and debt will be\n separate instruments but will be listed and trade together a...

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