Canfor Pulp Products Inc. (“Canfor Pulp” or the “Company”) (CFX) 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 3,332,038 Common Shares of the Company (the “Shares”) or approximately 5% of the 66,640,768 Shares outstanding as of March 1, 2017, at prevailing market prices, in accordance with the rules of The Toronto Stock Exchange (the “TSX”). The Company repurchased a total of 2,243,085 Shares for cancellation from March 7, 2016 to and including March 1, 2017 under its prior bid, at a volume weighted average price of $10.8524 per Share. The renewed normal course issuer bid will commence on March 7, 2017 and continue until March 6, 2018, 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.
Click to download the full release »