VANCOUVER, March 3, 2016 /PRNewswire/ - Canfor Pulp
Products Inc. (TSX: CFX) ("Canfor Pulp" 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 3,446,139 Common Shares of the Company (the
"Shares") or approximately 5% of the 68,922,781 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 1,933,615 Shares for cancellation between
March 5, 2015 and March 1, 2016 under its prior bid, at a volume
weighted average price of $13.5276
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 Pulp 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.
Canfor Pulp's parent company, Canfor Corporation, has today also
announced its renewal 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 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 11,189 Shares, representing 25% of
the 44,755 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 Pulp Products Inc.