Thursday, August 11 2022

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VANCOUVER, British Columbia, Aug. 03, 2022 (GLOBE NEWSWIRE) — Western Forest Products Inc. (TSX: WEF) (“Western” or the “Company”) announced today that it has received stock exchange approval of Toronto (“TSX”) to renew a normal course issuer bid (“NCIB”) to repurchase up to 27,420,905 of its common shares, representing 10% of free float as of August 3, 2022.

The OPRCNA, which will begin on August 11, 2022 and end no later than August 10, 2023, unless terminated or completed earlier, will be effected by means of open market transactions through the facilities of the TSX or other Canadian marketplaces or alternative trading systems and will comply with their rules and regulations. The price to be paid by Western for any common stock acquired during the issuer bid will be the market price at the time of acquisition.

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The average daily trading volume of Western common shares during the six-month period ending July 31, 2022, as calculated under TSX rules, was 743,819 common shares. Accordingly, under the rules of the TSX, Western will be permitted to purchase daily, through the facilities of the TSX, a maximum of 185,954 Common Shares representing 25% of such average daily trading volume, subject to certain exceptions for bulk purchases. All shares purchased under the tender offer will be cancelled.

The Company has also entered into an automatic stock purchase plan (the “Plan”) with its designated broker to facilitate purchases of its common shares under the issuer bid at times when the Company would not be normally not permitted to purchase its common stock due to regulatory restrictions. or self-imposed blackout periods. Pursuant to the plan, prior to entering a blackout period, Western may, but is not required to, instruct its designated broker to make purchases under the issuer bid during the blackout period in based on parameters established by Western in accordance with the rules and policies of the TSX, applicable securities laws and the terms of the Plan. Outside of restricted or self-imposed blackout periods, Common Shares may be purchased under the issuer bid at Western’s discretion in accordance with TSX rules and applicable securities laws.

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The Company’s current issuer bid to repurchase up to 29,726,940 common shares expires on August 10, 2022. As of the close of business on August 3, 2022, the Company has purchased 29,726,940 common shares under the current tender offer, 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 3, 2022, the Company had 325,510,128 common shares issued and outstanding.

The Company believes that, from time to time, the market price of its common shares may be attractive and that their purchase would represent a desirable use of its capital to enhance shareholder value.

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About Western Forest Products Inc.

Western is an integrated forest products company that is building a margin-driven lumber and log business to successfully compete in global lumber markets. With operations and employees located primarily in coastal British Columbia and Washington State, Western is a leading supplier of high-value specialty forest products to global markets. Western has a lumber production capacity of over 1.0 billion board feet from seven sawmills and four refinishing facilities. The Company sources wood from its private lands, long-term permits, First Nation agreements and market purchases. Western supplements its production with a wholesale program offering customers a full line of specialty products.

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Forward-looking statements

This press release contains statements that may constitute forward-looking statements under applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking statements. All statements contained herein, other than statements of historical facts, 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 these statements reflect management’s current reasonable beliefs, expectations and assumptions, there can be no assurance that the forward-looking statements are accurate, and actual results or performance may vary materially. Many factors could cause our actual results or performance to be materially different, including a change in the Company’s financial condition, general economic conditions and other factors mentioned in the “Risks and Uncertainties” section of our report. management in our 2021 annual report dated February 16, 2021. 2022.

For more information, please contact:

Stephane Williams,
Executive Vice President and Chief Financial Officer
(604) 648-4500

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