By: The Working Forest Staff
Vancouver, BC — Canfor Corporation has announced that it has received regulatory approval to re-institute a normal course issuer bid that expired in March 2020. Under the new bid, the Company may purchase for cancellation up to 6,260,970 common shares of the Company or approximately 5% of the 125,219,400 Shares outstanding as of June 10, 2021, at prevailing market prices, in accordance with the rules of The Toronto Stock Exchange.
The re-instituted normal course issuer bid will commence on June 16, 2021, and continue until June 15, 2022, 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/or through one or more Canadian alternative trading systems.
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 107,745 Shares, representing 25% of the 430,980 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.