VANCOUVER, March 5, 2018 /PRNewswire/ - 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 3,262,941
Common Shares of the Company (the "Shares") or approximately
5% of the 65,258,834 Shares outstanding as of March 1, 2018, at prevailing market prices, in
accordance with the rules of The Toronto Stock Exchange (the
"TSX"). The Company repurchased a total of 1,345,125 Shares
for cancellation from March 7, 2017
to and including March 1, 2018 under
its prior bid, at a volume weighted average price of $12.3745 per Share. The renewed normal
course issuer bid will commence on March 7,
2018 and continue until March 6,
2019, 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 4,827 Shares, representing 25% of the
19,311 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.
Canfor Pulp is a leading global supplier of pulp and paper
products with operations in the central interior of British Columbia ("BC") employing
approximately 1,300 people throughout the organization. Canfor Pulp
owns and operates three mills in Prince
George, BC with a total capacity of 1.1 million tonnes of
Premium Reinforcing Northern Bleached Softwood Kraft Pulp and
140,000 tonnes of kraft paper, as well as one mill in Taylor, BC with an annual production capacity
of 220,000 tonnes of Bleached Chemi-Thermo Mechanical Pulp. Canfor
Pulp is the largest North American, and one of the largest global
producers of market NBSK Pulp. Canfor Pulp shares are traded on the
Toronto Stock Exchange under the symbol CFX.
SOURCE Canfor Pulp Products Inc.