VANCOUVER, BC, June 8, 2021 /PRNewswire/ – West Fraser Timber Co. Ltd. (“West Fraser” or the “Firm“) (TSX andNYSE: WFG) introduced now an increase in the quarterly dividend to C$.25 for every share and an increase in the Company’s authorization to order up to 9,582,470 of its Widespread shares (the “Shares“).
The Board of Directors of the Firm has declared a quarterly dividend of C$.25 per share on the Widespread shares and the Class B Widespread shares in the money of the Organization, payable on July 6, 2021 to shareholders of record on June 21, 2021. This is an maximize from the former quarterly dividend of C$.20 for each share.
Dividends are selected to be suitable dividends pursuant to subsection 89(14) of the Money Tax Act (Canada) and any relevant provincial legislation pertaining to eligible dividends.
Regular Training course Issuer Bid Boost
The Toronto Inventory Exchange (“TSX“) has recognized a recognize filed by the Organization of its intention to amend its current normal class issuer bid (“NCIB“) to improve the authorization to order up to 9,582,470 of its Shares. This is an enhance from the existing NCIB authorization of 6,044,000 Shares. The amendments to the NCIB will come to be efficient on June 11, 2021.
The amended TSX notice authorizes the Enterprise to obtain, through the 12-month time period commencing February 17, 2021 and ending February 16, 2022, an supplemental 3,538,470 Shares of the Enterprise symbolizing in the combination 10% of the community float as at February 8, 2021. Less than its current NCIB, as of June 7, 2021, the Organization has obtained 3,859,039 Shares at an ordinary rate of $88.08 for each Share, ensuing in 5,723,431 Shares remaining available for obtain beneath the amended NCIB.
Shares may be obtained beneath the NCIB on the open market place via the amenities of the amenities of the TSX or the New York Stock Trade (“NYSE“), as properly as via option buying and selling systems in Canada and the United States. Share buys on NYSE will be designed in compliance with Rule 10b-18 of the U.S. Securities Exchange Act of 1934. Purchases may possibly also be created by non-public agreement or beneath a unique share repurchase program pursuant to an issuer bid exemption buy issued by a securities regulatory authority. Purchases on the TSX and NYSE will be the current market selling price at the time of obtain. Invest in built by way of non-public agreement or repurchase arrangement might be at a price cut to the prevailing market place price tag. The Shares obtained by the Firm will be cancelled.
The principles and policies of the TSX comprise constraints on the number of shares that can be obtained underneath the NCIB, centered on the average everyday investing volumes of the Popular Shares on the TSX. Equally, the protected harbor circumstances of Rule 10b-18 impose certain constraints on the number of shares that can be obtained on the NYSE for each day. Pursuant to TSX procedures, the day-to-day buys on the TSX will not exceed 239,815 Common shares, symbolizing 25% of the typical each day buying and selling quantity of 959,262 Shares. The highest number of shares which can be bought for each working day on NYSE will be 25% of the average each day investing volume for the four calendar months preceding the date of purchase. Each day purchase boundaries on TSX and NYSE are subject to sure exemptions for suitable “block” trade buys.
All buys will be topic to West Fraser’s regular investing blackouts, other than buys designed pursuant to a pre-described automated securities order system that West Fraser may enter into with its specified broker. In link with the amended NCIB, West Fraser will amend its present automated share obtain prepare pursuant to which the securities dealer acting as the Company’s agent for the NCIB may perhaps acquire, at its discretion, Shares of West Fraser, matter to certain parameters as to selling price and range of Shares.
West Fraser is a diversified wood items corporation with much more than 60 services in Canada, the United States, the United Kingdom, and Europe. From responsibly sourced and sustainably managed forest sources, the Enterprise produces lumber, engineered wood products and solutions (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, other residuals and renewable energy. West Fraser’s goods are utilised in dwelling building, restore and remodeling, industrial purposes, papers, tissue, and box components.
This information launch includes ahead-wanting facts or ahead-seeking statements (collectively, “ahead-seeking statements”) in the which means of relevant securities rules, like future purchases of our Shares below the NCIB, like pursuant to private agreements or a precise share repurchase method beneath an issuer bid exemption get issued by relevant securities regulatory authorities. Any this sort of forward-searching statements are centered on information and facts at present out there to us and are based on assumptions and analyses produced by us in mild of our encounter and our notion of historical trends and current situations. Readers ought to also refer to the danger variables set forth in the Firm’s annual info kind and management’s discussion and investigation for the 12 months finished December 31, 2020, every single dated February 11, 2021, offered at SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml). There can be no assurance that the programs, intentions or anticipations on which ahead-looking statements are centered will be understood. Actual effects may perhaps differ, and the big difference could be substance and adverse to the Enterprise and its shareholders.
Resource West Fraser Timber Co. Ltd.