VANCOUVER, March 3, 2015 /CNW/ - Canfor Corporation (CFP)
announced today that it has received regulatory approval to renew a
normal course issuer bid first launched in March, 2013. Under the
new bid, the Company may purchase for cancellation up to 6,767,993
Common Shares or approximately 5% of the 135,359,863 Shares
outstanding as of February 28, 2015,
at prevailing market prices, in accordance with the rules of The
Toronto Stock Exchange. The Company repurchased a total of
4,544,700 Shares for cancellation between March 5, 2013 and March 4,
2015 under its prior bid, at a volume weighted average price
of $24.0563 per Share. The
renewed normal course issuer bid will commence on March 5, 2015 and continue until March 4, 2016, unless completed or terminated
earlier. Canfor believes the normal course issuer bid is in the
best interests of the Company and its shareholders. Purchases of
Common Shares made under the bid will be effected through the
facilities of the TSX and through one or more Canadian alternative
trading systems.
The Company's subsidiary, Canfor Pulp Products Inc., has today
also announced its renewal of its normal course issuer bid for the
purchase of up to 5% of its issued share capital, through the
facilities and in accordance with the Rules of The Toronto Stock
Exchange.
Purchases will be made at the discretion of the Company at
prevailing market prices, through the facilities of the TSX, in
compliance with regulatory requirements. Daily purchases will be
restricted to not more than 66,968 Shares, representing 25% of the
267,871 average daily trading volume of the Company's Shares on the
TSX, subject to certain prescribed exemptions. There can be no
assurance as to the precise number of Shares that will be
repurchased under the share repurchase program. The Company may
discontinue its purchases at any time, subject to compliance with
applicable regulatory requirements. The Company intends to hold all
shares acquired under the issuer bid for cancellation.
Canfor is a leading integrated forest products company based
in Vancouver, British Columbia
("BC") with interests in BC, Alberta, North and South Carolina, Alabama and Georgia. Canfor produces primarily softwood
lumber and also owns a 50.5% interest in Canfor Pulp Products Inc.,
which is one of the largest producers of market northern bleached
softwood kraft pulp and a leading producer of high performance
kraft paper. Canfor shares are traded on the Toronto Stock Exchange
under the symbol CFP.
SOURCE Canfor Corporation