VANCOUVER, March 3, 2016 /PRNewswire/ - Canfor
Corporation (TSX: CFP) ("Canfor" or the "Company")
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, 2016, at prevailing market prices, in
accordance with the rules of The Toronto Stock Exchange (the
"TSX"). The Company repurchased a total
of 2,340,020 Shares for cancellation between March 5, 2015 and March 1,
2016 under its prior bid, at a volume weighted average price
of $22.4696 per
Share. The renewed normal course issuer bid will
commence on March 7, 2016 and
continue until March 6, 2017, 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 78,226 Shares, representing 25%
of the 312,904 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.
Forward Looking
Statements
Certain statements in
this press release constitute "forward-looking statements" which
involve known and unknown risks, uncertainties and other factors
that may cause actual results to be materially different from any
future results, performance or achievements expressed or implied by
such statements. Words such as "expects", "anticipates",
"projects", "intends", "plans", "will", "believes", "seeks",
"estimates", "should", "may", "could", and variations of such words
and similar expressions are intended to identify such
forward-looking statements. These statements are based on
management's current expectations and beliefs and actual events or
results may differ materially. There are many factors that could
cause such actual events or results expressed or implied by such
forward-looking statements to differ materially from any future
results expressed or implied by such statements. Forward-looking
statements are based on current expectations and Canfor assumes no
obligation to update such information to reflect later events or
developments, except as required by law.
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 51.9% 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