Acadian Timber Announces Renewal of Normal Course Issuer Bid
06 March 2019 - 1:02AM
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, 2019 to March 6,
2020, or an earlier date should the Company complete its purchases
prior to such date.
As of February 26, 2019, 16,686,916 Common
Shares were outstanding and the public float consists of 9,021,354
Common Shares. Pursuant to the normal course issuer bid, Acadian is
permitted to acquire up to 902,135 Common Shares, being 10% of the
Company’s public float, in the 12-month period commencing on March
7, 2019 and ending on March 6, 2020. 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
3,861 Common Shares on the TSX during any trading day, which is 25%
of 15,444 (the average daily trading volume for Acadian’s Common
Shares on the TSX for the six months ended February 28, 2019). 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.
44,300 Common Shares at a weighted average price
of $14.87 per share were purchased pursuant to the Company’s
existing normal course issuer bid that commenced on March 7, 2018
and will end on March 6, 2019. Purchases were made on behalf of the
Company by its broker through the facilities of the TSX. Acadian
was permitted to acquire up to 916,765 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 one of
the largest timberland operators in New Brunswick and Maine.
Acadian owns and manages approximately 1.1 million acres of
freehold timberlands in New Brunswick and Maine, and provides
timber 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 90 regional customers. Acadian’s
business strategy is to maximize cash flows from its existing
timberland assets while growing our business by acquiring assets on
a value basis and utilizing our operations-oriented approach to
drive improved performance. 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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