VANCOUVER, March 5, 2018 /CNW/ - Canfor Corporation
(TSX:CFP) 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 6,439,764 common shares of the
Company (the "Shares") or approximately 5% of the
128,795,280 Shares outstanding as of March
1, 2018, at prevailing market prices, in accordance with the
rules of The Toronto Stock Exchange (the "TSX"). The
Company repurchased a total of 4,179,063 Shares for cancellation
from March 7, 2017 to and including
March 1, 2018 under its prior bid, at
a volume weighted average price of $21.8119 per Share. The renewed normal course
issuer bid will commence on March 7,
2018 and continue until March 6,
2019, 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 75,729 Shares, representing 25% of the
302,919 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, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas. Canfor produces primarily softwood
lumber and also owns a 54.8% 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