TSX: WEF
VANCOUVER, BC, Feb. 19, 2021 /CNW/ - Western Forest
Products Inc. (TSX: WEF) ("Western" or the
"Company") announced today the adoption by its board of
directors (the "Board") of (i) amendments to its by-laws to allow
for virtual meetings and (ii) an advance notice by-law.
By-law Amendments
On November 5, 2020, the Board
approved amendments to our by-laws (the "By-law Amendments") which
allow for, among other things, notice of meetings to be given to
shareholders by electronic means and meetings of shareholders to be
held by telephonic, electronic or other communications
facilities.
Advance Notice By-law
On November 5, 2020, the Board
adopted an advance notice by-law (the "Advance Notice
By-law"). The Advance Notice By-law creates procedures for giving
advance notice to the Board of shareholder nominations for
directors at any meeting of shareholders where directors are being
elected in order to facilitate an orderly and efficient meeting
process and allow all shareholders a reasonable opportunity to
evaluate all proposed nominees and make an informed voting
decision.
Under the Advance Notice By-law, shareholders seeking to
nominate a candidate for a Board seat will generally be required to
provide notice at least 30 days prior to the date of an annual
general meeting or within 15 days following the announcement of any
special meeting where directors are being elected.
The By-law Amendments and Advance Notice By-law are effective as
of their adoption by the Board and are subject to confirmation and
ratification by shareholders at Western's upcoming annual and
special meeting of shareholders, which is scheduled for
May 6, 2021. For Western's upcoming
annual and special shareholders' meeting, any shareholder notice of
nomination received on or prior to April 6,
2021 will be deemed timely.
The foregoing descriptions of the By-law Amendments and the
Advance Notice By-law are only summaries. The full text is
available under Western's profile on SEDAR at
www.sedar.com and on our website at
www.westernforest.com, and each will be more completely described
in Western's management information circular for its 2021 annual
general and special meeting.
About Western Forest Products Inc.
Western is an integrated forest products company building a
margin-focused log and lumber business to compete successfully in
global softwood markets. With operations and employees located
primarily on the coast of British
Columbia and Washington
State, Western is a premier supplier of high-value,
specialty forest products to worldwide markets. Western has a
lumber capacity in excess of 1.1 billion board feet from eight
sawmills and four remanufacturing facilities. The Company sources
timber from its private lands, long-term licenses, First Nations
arrangements, and market purchases. Western supplements its
production through a wholesale program providing customers with a
comprehensive range of specialty products.
Forward-looking Statements
This press release contains statements that may constitute
forward-looking statements under the applicable securities laws.
Readers are cautioned against placing undue reliance on
forward-looking statements. All statements herein, other than
statements of historical fact, may be forward-looking statements
and can be identified by the use of words such as "will" and
similar references to future periods. Although such statements
reflect management's current reasonable beliefs, expectations and
assumptions, there can be no assurance that forward-looking
statements are accurate, and actual results or performance may
materially vary. Many factors could cause our actual results or
performance to be materially different, including the factors
referenced under the "Risks and Uncertainties" section of our
MD&A in our 2020 Annual Report dated February 18, 2021.
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SOURCE Western Forest Products Inc.