Canfor renewal of normal course issuer bid
by CM staff
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.
VANCOUVER — Canfor Corporation received regulatory approval to renew a normal course issuer bid that will expire in March. Under the new bid, the company may purchase for cancellation up to 6,052,978 common shares of the company or approximately 5 per cent of the 121,059,579 shares outstanding as of March 14 at prevailing market prices, in accordance with the rules of The Toronto Stock Exchange.
The company repurchased a total of 3,582,321 shares for cancellation from March 21, 2022 to and including March 14, 2023 under its prior bid, at a volume weighted average price of $23.6874 per share, through the facilities of the TSX and/or Canadian alternative trading systems. Under its prior bid, the company sought and was approved to purchase 6,224,680 shares.
The renewed normal course issuer bid will commence on March 21 and continue until March 20, 2024, 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.
