VANCOUVER, B.C., March 01, 2018 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX:IFP) announced today that it has received approval from the Toronto Stock Exchange (“TSX”) to renew its normal course issuer bid (“NCIB”) to purchase for cancellation up to 3,500,000 of its common shares, representing approximately 5% of the common shares issued and outstanding as of March 1, 2018 (70,036,162 common shares outstanding).
The NCIB, which will begin on March 7, 2018 upon expiry of the Company’s current NCIB and end no later than March 6, 2019, unless completed or terminated earlier, will be conducted through open market transactions through the facilities of the TSX or other Canadian alternative trading systems and will conform to their rules and regulations. The price to be paid by Interfor for any common share will be the market price at the time of acquisition.
The average daily trading volume of Interfor’s common shares over the six-month period ending February 28, 2018, as calculated per the TSX rules, was 258,822 common shares. Consequently, under TSX rules, Interfor will be allowed to purchase daily, through the facilities of the TSX, a maximum of 64,705 common shares representing 25% of such average daily trading volume, subject to certain exceptions for block purchases. All common shares purchased pursuant to the NCIB will be cancelled. The Company did not make any purchases in the preceding 12-month period under the current NCIB.
The Company believes that, from time to time, the market price of its common shares may be attractive and their purchase would represent a desirable use of its capital to increase shareholder value.
This release contains information and statements that are forward-looking in nature, including, but not limited to, statements about the Company’s intention to repurchase its shares. A statement Interfor makes is forward-looking when it uses what is known today to make a statement about the future. Such forward-looking statements are based on Interfor’s current expectations and certain assumptions, including assumptions regarding Interfor’s ability to pursue additional investment opportunities and return excess cash to shareholders. Such forward-looking statements involve known and unknown risks and uncertainties that, if they eventuate, may cause Interfor’s actual results to be materially different from those expressed or implied by those forward-looking statements. Such risks and uncertainties include, among other things, price volatility, competition, availability and cost of log supply, natural or man-made disasters, currency exchange sensitivity, regulatory changes, allowable annual cut reductions, Aboriginal title and rights claims, potential countervailing and anti-dumping duties, stumpage fee variables and changes, environmental impact and performance, labour disruptions, cyber-security measures and other factors referenced in Interfor’s 2017 annual Management’s Discussion & Analysis under the heading “Risks and Uncertainties”, which is available on www.sedar.com and on www.interfor.com. Readers are cautioned not to place undue reliance on forward-looking information or statements. Interfor undertakes no obligation to update such forward-looking information or statements, except as required by law.
Interfor is a growth-oriented lumber company with operations in Canada and the United States. The Company has annual production capacity of approximately 3.1 billion board feet and offers one of the most diverse lines of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.
For further information:
Martin L. Juravsky, Senior Vice President & Chief Financial Officer
Source: Interfor Corporation