TORONTO, Dec. 20, 2019 /CNW/ - Norbord Inc. (TSX and NYSE:
OSB) today reported that it has entered into an automatic share
purchase plan (ASPP) with a broker in order to facilitate
repurchases of Norbord's common shares under its previously
announced normal course issuer bid (NCIB).
The Company previously announced that it had received approval
from the Toronto Stock Exchange (TSX) to purchase up to 4,083,429
of its common shares, representing approximately 5% of the
Company's issued and outstanding common shares, during the 12-month
period commencing November 5, 2019
and terminating November 4, 2020.
Such purchases made pursuant to the NCIB are made on the open
market by Norbord through the facilities of the TSX, the New York
Stock Exchange or Canadian or US alternative trading systems,
if eligible, in accordance with the requirements of the TSX and
applicable securities laws.
Under Norbord's ASPP, Norbord's broker may purchase common
shares at times when Norbord ordinarily would not be active in the
market due to insider trading rules and its own internal trading
blackout periods. Purchases will be made by Norbord's broker based
upon parameters set by Norbord prior to the commencement of any
such blackout period and in accordance with the terms of the ASPP.
Outside of these blackout periods, common shares may continue to be
purchased in Norbord's discretion, subject to applicable law. The
ASPP has been entered into in accordance with the requirements of
applicable Canadian securities laws.
Norbord Inc. is a leading global manufacturer of wood-based
panels and the world's largest producer of oriented strand board
(OSB). In addition to OSB, Norbord manufactures particleboard,
medium density fibreboard and related value-added products. Norbord
has assets of approximately $1.9
billion and employs approximately 2,500 people at 17 plant
locations in the United States,
Canada and Europe. Norbord is a publicly traded company
listed on the Toronto Stock Exchange and New York Stock Exchange
under the symbol "OSB".
SOURCE Norbord Inc.