TSX: WEF
VANCOUVER, BC, June 22, 2021 /PRNewswire/ - Western Forest
Products Inc. (TSX: WEF) ("Western" or the "Company") announced
today that it has received approval from the Toronto Stock Exchange
("TSX") to amend its current normal course issuer bid ("NCIB") to
increase the authorization to purchase for cancellation up
to 23,112,988 common shares, from the current 18,759,858
common shares. The amended number of common shares represents 7.5%
of the public float as of August 6,
2020.
The amended NCIB authorizes the Company to purchase during the
12-month period commencing August 11,
2020 and ending no later than August
10, 2021, unless completed or terminated earlier, an
additional 4,353,130 common shares of the Company. Common share
purchases will be conducted through open market transactions
through the facilities of the TSX or other Canadian marketplaces or
alternative trading systems and will conform to their rules and
regulations. The price to be paid by Western for any common share
will be the market price at the time of acquisition.
The average daily trading volume of Western's common shares over
the six month period ending July 31,
2020, as calculated per the TSX rules, was 1,073,331 common
shares. Consequently, under TSX rules, Western will be allowed to
purchase daily, through the facilities of the TSX, a maximum of
268,332 common shares representing 25% of such average daily
trading volume, subject to certain exceptions for block purchases.
All shares purchased pursuant to the NCIB will be cancelled.
The Company has also entered into an automatic share purchase
plan (the "Plan") with its designated broker to facilitate
purchases of its common shares under the NCIB at times when the
Company would ordinarily not be permitted to purchase its common
shares due to regulatory restrictions or self-imposed blackout
periods. Pursuant to the Plan, before entering a blackout period,
Western may, but is not required to, instruct its broker to make
purchases under the NCIB during the blackout period based on
parameters established by Western in accordance with the rules of
the TSX, applicable securities law and the terms of the Plan.
Outside of restricted or self-imposed blackout periods, common
shares may be purchased under the NCIB at the discretion of Western
in accordance with TSX rules and applicable securities law.
As of June 21, 2021, under its
current NCIB, the Company has repurchased 14,381,456 common shares
at an average price of $2.05,
resulting in 8,731,532 common shares remaining available for
purchase under the amended 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.
About Western Forest Products Inc.
Western is an integrated forest products company building a
margin-focused log and lumber business to compete successfully in
global softwood markets. With operations and employees located
primarily on the coast of British
Columbia and Washington
State, Western is a premier supplier of high-value,
specialty forest products to worldwide markets. Western has a
lumber capacity in excess of 1.1 billion board feet from eight
sawmills and four remanufacturing facilities. The Company sources
timber from its private lands, long-term licenses, First Nations
arrangements, and market purchases. Western supplements its
production through a wholesale program providing customers with a
comprehensive range of specialty products.
Forward-looking Statements
This press release contains statements that may constitute
forward-looking statements under the applicable securities laws.
Readers are cautioned against placing undue reliance on
forward-looking statements. All statements herein, other than
statements of historical fact, 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 such statements
reflect management's current reasonable beliefs, expectations and
assumptions, there can be no assurance that forward-looking
statements are accurate, and actual results or performance may
materially vary. Many factors could cause our actual results or
performance to be materially different, including a change in the
Company's financial situation, general economic conditions and
other factors referenced under the "Risks and Uncertainties"
section of our MD&A in our 2020 Annual Report dated
February 18, 2021.
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SOURCE Western Forest Products Inc.