Acadian Timber Announces Renewal of Normal Course Issuer Bid
03 March 2018 - 9:35AM
Acadian Timber Corp. (TSX:ADN) (“
Acadian” or the
“
Company”) announced today that it has received
approval from the Toronto Stock Exchange (the
“
TSX”) to renew its existing normal course issuer
bid for a portion of its common shares (“
Common
Shares”). The normal course issuer bid will be made
in accordance with the requirements of the TSX. The period of
the normal course issuer bid will extend from March 7, 2018 to
March 6, 2019, or an earlier date should the Company complete its
purchases prior to such date.
As of February 26, 2018, 16,731,216 Common
Shares were outstanding and the public float consists of 9,167,654
Common Shares. Pursuant to the normal course issuer bid, Acadian is
permitted to acquire up to 916,765 Common Shares, being 10% of the
Company’s public float, in the 12-month period commencing on March
7, 2018 and ending on March 6, 2019. Purchases under the
normal course issuer bid will be made by Acadian through the
facilities of the TSX and alternative Canadian trading systems and
in accordance with applicable regulatory requirements. The
price that Acadian will pay for any Common Shares will be the
market price of such Common Shares at the time of
acquisition. Under the normal course issuer bid, Acadian may
purchase up to 1,819 Common Shares on the TSX during any trading
day, which is 25% of 7,279 (the average daily trading volume for
Acadian’s Common Shares on the TSX for the six months ended
February 28, 2018). This limitation does not apply to
purchases made pursuant to block purchase exemptions. Any Common
Shares that are purchased under the normal course issuer bid will
be cancelled upon their purchase by Acadian.
Acadian will fund the purchases through
available cash. Acadian believes that the repurchase by
Acadian of a portion of outstanding Common Shares is an appropriate
use of available cash and is in the best interests of Acadian.
No common shares were purchased pursuant to the
Company’s existing normal course issuer bid that commenced on March
7, 2017 and will end on March 6, 2018. Acadian was permitted
to acquire up to 915,965 Common Shares under its existing normal
course issuer bid.
Acadian Timber Corp. is a leading supplier of
primary forest products in Eastern Canada and the Northeastern U.S.
With a total of 2.4 million acres of land under management, Acadian
is the second largest timberland operator in New Brunswick and
Maine. Acadian owns and manages approximately 1.1 million acres of
freehold timberlands in New Brunswick and Maine and provides
management services relating to approximately 1.3 million acres of
Crown licensed timberlands in New Brunswick. Acadian’s products
include softwood and hardwood sawlogs, pulpwood and biomass
by-products, sold to approximately 100 regional customers.
Acadian’s shares are listed for trading on the Toronto Stock
Exchange under the symbol ADN.
For further information, please visit our website at
www.acadiantimber.com or contact:Jon Syrnyk,
Investor RelationsTel: 604-661-9622 Email:
jsyrnyk@acadiantimber.com
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