Canfor Corporation announced today that it has received regulatory approval for a normal course issuer bid to purchase for cancellation up to 7,137,621 Common Shares or approximately 5% of the 142,752,431 Shares outstanding on February 25, 2013, at prevailing market prices in accordance with the rules of The Toronto Stock Exchange. The normal course issuer bid will commence on March 5, 2013 and continue until March 4, 2014, unless completed or terminated earlier. Canfor believes the normal course issuer bid is in the best interests of the company. Purchases of Common Shares made under the bid will be effected through the facilities of the TSX, alternative trading systems, or as otherwise previously approved by the TSX.
The Company's subsidiary, Canfor Pulp Products Inc., has today also announced its initiation of a 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 Toronto Stock Exchange.
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 68,619 shares, representing 25% of the average daily trading volume of the Company’s 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. The Company has not purchased any of its common shares in the last 12 months.
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