Canfor Corporation (TSX: CFP) (“Canfor” 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 6,640,227 common shares of the Company (the “Shares”) or approximately 5% of the 132,804,543 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 2,340,020 Shares for cancellation between March 5, 2015 and March 1, 2016 under its prior bid, at a volume weighted average price of $22.4696 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 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 »