WESTSHORE TERMINALS ANNOUNCES Q2 2011 DISTRIBUTION

About this update from Westshore Terminals Investment Corporation

[{"type":"text","content":"\n\n\n Jun. 13, 2011 (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\nVANCOUVER, June 13, 2011 /CNW/ - Westshore Terminals Investment\n Corporation (TSX: WTE.UN) (the "Corporation") and Westshore Terminals\n Holdings Ltd. ("Holdings") announced today that a payment of\n $17,912,816 (representing $0.24125 per unit) will be paid on or before\n July 15, 2011 to unitholders of record on June 30, 2011 as compared to\n a distribution of $30,442,507 from Westshore Terminals Income Fund\n (representing $0.41 per fund unit) for the second quarter of 2010. The\n distributions per unit for Q2 2010 v. 2011 compare as follows:\n\n\n\n\n \n\n\n2010\n\n\n \n\n\n2011\n\n\n\n\nFrom operations:\n\n\n$0.316\n\n\n \n\n\n$0.24125\n\n\n\n\nFrom cash reserves:\n\n\n$0.094\n\n\n \n\n\nn/a\n\n\n\n\n$0.11 per unit of the Q2 2011 distribution is in the form of a dividend\n on the shares of the Corporation, and the remaining $0.13125 per unit\n is interest on the $5.00 Notes issued by Holdings bearing interest at\n 10.5% per annum.\n\n\nDistributions for 2011 are not comparable to those paid in 2010 when the\n structure of the entity was an income fund, rather than the corporate\n form, and no income taxes were paid at the fund level. In 2010,\n distributions were also increased by payments of cash reserves (as\n shown above) and no such additional cash payments are contemplated for\n 2011.\n\n\nFor the five months ended May 31, 2011, Westshore loaded 10.6&...

More updates from Westshore Terminals Investment Corporation