VANCOUVER, BC, June 8, 2022
/CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the
"Company") (TSX and NYSE: WFG) has declared a quarterly dividend of
US$0.30 per share on the Common
shares and Class B Common shares in the capital of the Company,
payable on July 8, 2022 to
shareholders of record on June 22,
2022. The quarterly dividend has been increased from
the prior US$0.25 per share in order
to distribute a substantially similar amount of capital to
investors through the dividend in light of the share count
reduction resulting from execution of the current normal course
issuer bid as well as completion of the recent substantial issuer
"Providing a sustainable quarterly dividend remains a key
priority within West Fraser's capital allocation strategy, and we
are pleased to increase our dividend this quarter and to have
completed the recent actions we've taken to return capital to our
shareholders," said Ray Ferris, West
Fraser's President & CEO.
Dividends are designated to be eligible dividends pursuant to
subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial
legislation pertaining to eligible dividends.
Dividends are declared and payable in U.S. dollars.
Shareholders may elect to receive their dividends in Canadian
dollars. Details regarding the election procedure are
available on our website at www.westfraser.com in the
"Investors/Stock Information/Dividends" section.
About West Fraser
West Fraser is a diversified wood products company with more
than 60 facilities in Canada,
the United States, the
United Kingdom, and Europe. From responsibly sourced and
sustainably managed forest resources, the Company produces lumber,
engineered wood products (OSB, LVL, MDF, plywood, and
particleboard), pulp, newsprint, wood chips, other residuals, and
renewable energy. West Fraser's products are used in home
construction, repair and remodelling, industrial applications,
papers, tissue, and box materials.
This news release contains forward-looking information or
forward-looking statements (collectively, "forward-looking
statements") within the meaning of applicable Canadian and U.S.
securities laws, including statements relating to our capital
allocation strategy and the sustainability of our quarterly
dividend. Any such forward-looking statements are based on
information currently available to us and are based on assumptions
and analyses made by us in light of our experience and our
perception of historical trends and current conditions.
Readers should also refer to the risk factors set forth in
the Company's annual information form and management's discussion
and analysis for the year ended December 31,
2021, each dated February 15,
2022, available at SEDAR (www.sedar.com) and EDGAR
(www.sec.gov/edgar.shtml). There can be no assurance that the
plans, intentions or expectations upon which forward-looking
statements are based will be realized. Actual results may
differ, and the difference may be material and adverse to the
Company and its shareholders.
SOURCE West Fraser Timber Co. Ltd.