VANCOUVER, BC, March 19,
2024 /CNW/ - Canfor Corporation (TSX: CFP)
("Canfor" or the "Company") announced today that it
has received regulatory approval to renew a normal course issuer
bid that will expire in March, 2024. Under the new bid, the Company
may purchase for cancellation up to 5,942,508 common shares of the
Company (the "Shares") or approximately 5% of the
118,850,179 Shares outstanding as of March 15, 2024, at prevailing
market prices, in accordance with the rules of The Toronto Stock
Exchange (the "TSX"). The Company repurchased a total of
1,905,100 Shares for cancellation from March 21, 2023 to and including March 15, 2024
under its prior bid, at a volume weighted average price of
$18.9449 per Share, through the facilities of the TSX. Under its
prior bid, the Company sought and was approved to purchase
6,052,978 Shares.
The renewed normal course issuer bid will commence on March 21,
2024 and continue until March 20, 2025, unless completed or
terminated earlier. Canfor believes that the purchase of Shares
under the normal course issuer bid represents an effective use of
the Company's financial resources and is in the best interests of
the Company.
The Company has entered into an automatic share purchase plan
with a broker providing for the repurchase of Shares under the
renewed normal course issuer bid.
Purchases of Shares made under the bid will be made at the
discretion of the Company at prevailing market prices, and will be
effected through the facilities of the TSX and/or through one or
more Canadian alternative trading systems, in compliance with
regulatory requirements. Daily purchases will be restricted to not
more than 51,474 Shares, representing 25% of the 205,899 average
daily trading volume of the Shares on the TSX for the six-month
period ended February 29, 2024,
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.
About Canfor Corporation
Canfor is a global leader in the manufacturing of high-value
low-carbon forest products including dimension and specialty
lumber, engineered wood products, pulp and paper, wood pellets and
green energy. Proudly headquartered in Vancouver, British Columbia, Canfor produces
renewable products from sustainably managed forests, at more than
55 facilities across its diversified operating platform in
Canada, the United States and Europe. The Company has a 70% stake in Vida
AB, Sweden's largest privately
owned sawmill company and also owns a 54.8% interest in Canfor Pulp
Products Inc. Canfor shares are traded on The Toronto Stock
Exchange under the symbol CFP. For more information visit
canfor.com.
SOURCE Canfor Corp
