Westshore Terminals Income Fund announces further details on rights offering

About this update from Westshore Terminals Investment Corporation

[{"type":"text","content":"\n\n\n\nVANCOUVER, Jan. 23 /CNW/ - Westshore Terminals Income Fund (TSX: WTE.UN)\n(the \"Fund\") announced today that the record date for the offering to\nunitholders of rights to acquire additional units will be February 2, 2007,\nand the rights can be traded on The Toronto Stock Exchange on and after that\ndate. It is expected that certificates representing the rights, along with the\nFund's rights offering circular, will be mailed to unitholders on or before\nFebruary 7, 2007. The rights will expire on March 1, 2007.\n\n\nAs announced on December 19, 2006, unitholders will receive rights to\nsubscribe for approximately $20 million of units, and will have an additional\n(second stage) subscription privilege to subscribe for any units not taken up\non the exercise of rights. 36 rights entitle the holder to acquire one\nadditional Fund unit for $10.45 cash.\n\n\nThe issue price for the units under the rights offering was the weighted\naverage trading price of the units on The Toronto Stock Exchange for the five\nday period ended December 18, 2006, less a discount of approximately 10%. This\npricing is in accordance with the requirements of The TSX. Upon completion of\nthe rights offering and the previously announced $20 million private placement\nto Jim Pattison Developments Ltd., a total of approximately 3.9 million\nadditional units of the Fund will be issued, representing 5.5% of the\ncurrently outstanding number of units.\n\n\nNotice to Non-Canadian Resident Holders of Fund Units\n\n\nThe rights and the Fund units issuable upon exercise of the rights have\nnot been and will not be registered under the United States Securities Act of\n1933, as amended and consequently, the rights and the Fund units issuable upon\nexercise of the Rights will not be offered to persons who are not Canadian\nresidents.\n\n\nRights that would otherwise be issued to persons who are not Canadian\nresidents will be issued to and held by Computershare Investor Services, who\nwill hold rights as agent for the benefit of such holders. Computershare will\nhold the rights until 4 p.m. (Toronto time) on February 16, 2007 in order to\ngive such persons an opportunity to claim their rights.\n\n\nAfter February 16, 2007, Computershare will, for the account of such\npersons, and prior to March 1, 2007, attempt to sell the rights at the price\nor prices it dete...

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