VANCOUVER, March 2, 2017 /CNW/ - Canfor Corporation
("Canfor" or the "Company") (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 6,640,227 common shares
of the Company (the "Shares") or approximately 5% of the
132,804,543 Shares outstanding as of March
1, 2017, at prevailing market prices, in accordance with the
rules of The Toronto Stock Exchange (the "TSX"). The Company
did not repurchase any Shares for cancellation between March 7, 2016 and March 1,
2017 under its prior bid. The renewed normal course
issuer bid will commence on March 7,
2017 and continue until March 6,
2018, 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 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 TSX.
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 72,338 Shares, representing 25% of the
289,354 average daily trading volume of the 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, Ontario, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas. Canfor produces primarily softwood
lumber and also owns a 53.6% interest in Canfor Pulp Products Inc.,
which is one of the largest global 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