VANCOUVER, BC, Aug. 5, 2021 /PRNewswire/ - Western Forest
Products Inc. (TSX: WEF) ("Western" or the "Company") announced
today that it has received approval from the Toronto Stock Exchange
("TSX") to renew a normal course issuer bid ("NCIB") to purchase
for cancellation up to 29,726,940 of its common shares,
representing 10% of the public float as of August 5, 2021.
The NCIB, which will begin on August 11,
2021 and end no later than August 10,
2022, unless completed or terminated earlier, will be
conducted through open market transactions through the facilities
of the TSX or other Canadian marketplaces or alternative trading
systems and will conform to their rules and regulations. The price
to be paid by Western for any common share will be the market price
at the time of acquisition.
The average daily trading volume of Western's common shares over
the six month period ending
July 31, 2021, as calculated per the
TSX rules, was 1,077,551 common shares. Consequently, under TSX
rules, Western will be allowed to purchase daily, through the
facilities of the TSX, a maximum of 269,387 common shares
representing 25% of such average daily trading volume, subject to
certain exceptions for block purchases. All shares purchased
pursuant to the NCIB will be cancelled.
The Company has also entered into an automatic share purchase
plan (the "Plan") with its designated broker to facilitate
purchases of its common shares under the NCIB at times when the
Company would ordinarily not be permitted to purchase its common
shares due to regulatory restrictions or self-imposed blackout
periods. Pursuant to the Plan, before entering a blackout period,
Western may, but is not required to, instruct its broker to make
purchases under the NCIB during the blackout period based on
parameters established by Western in accordance with the rules of
the TSX, applicable securities law and the terms of the Plan.
Outside of restricted or self-imposed blackout periods, common
shares may be purchased under the NCIB at the discretion of Western
in accordance with TSX rules and applicable securities law.
The Company's current NCIB to purchase for cancellation up to
23,112,988 common shares expires on August 10, 2021. As of the close of trading on
August 5, 2021, the Company has
purchased 21,354,656 common shares under the current NCIB, at a
volume weighted average price of $2.04 per common share. All purchases were made
on the open market through the facilities of the TSX or other
Canadian marketplaces or alternative trading systems. As of
August 5, 2021, the Company has
354,648,129 common shares issued and outstanding.
The Company believes that, from time to time, the market price
of its common shares may be attractive and their purchase would
represent a desirable use of its capital to increase shareholder
value.
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", "may" 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 a change in the
Company's financial situation, general economic conditions and
other 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.