Interfor Amends Share Buyback Program
September 16 2021 - 7:10PM
INTERFOR CORPORATION (“Interfor” or the “Company”)
(TSX: IFP) announced today that the Toronto Stock Exchange (“TSX”)
has accepted a notice filed by the Company of its intention to
amend its normal course issuer bid (“NCIB”).
The amended NCIB increases the maximum number of common shares
that may be purchased by an additional 690,906 common shares, and
results from a recalculation of the Company’s public float based on
updated ownership information of certain insiders as of the date of
the original announcement of the NCIB. The amended NCIB will allow
for the purchase of up to 6,672,658 common shares during the
twelve-month period that commenced on November 11, 2020 and
ends on November 10, 2021, which represents 10% of the
Company’s public float as at November 5, 2020. All other terms
of the NCIB will remain unchanged and are described in the
Company’s news release dated November 5, 2020.
As of market close on September 16, 2021, the Company has
purchased 5,857,520 common shares under the NCIB at an average
price of $25.99 per common share, resulting in 815,137 common
shares available for purchase under the amended NCIB.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking information about the
Company’s intention to purchase its common shares. A statement
contains forward-looking information when the Company uses what it
knows and expects today, to make a statement about the future.
Readers are cautioned that actual results may vary from the
forward-looking information in this release, and undue reliance
should not be placed on such forward-looking information. Risk
factors that could cause actual results to differ materially from
the forward-looking information in this release are described in
Interfor’s annual Management’s Discussion & Analysis under the
heading “Risks and Uncertainties”, which is available on
www.interfor.com and under Interfor’s profile on www.sedar.com.
Material factors and assumptions used to develop the
forward-looking information in this report include volatility in
the selling prices for lumber, logs and wood chips; the Company’s
ability to compete on a global basis; the availability and cost of
log supply; natural or man-made disasters; currency exchange rates;
changes in government regulations; the availability of the
Company’s allowable annual cut (“AAC”); claims by and treaty
settlements with Indigenous peoples; the Company’s ability to
export its products; the softwood lumber trade dispute between
Canada and the U.S.; stumpage fees payable to the Province of
British Columbia (“B.C.”); environmental impacts of the Company’s
operations; labour disruptions; information systems security; and
the existence of a public health crises (such as the current
COVID-19 pandemic). Unless otherwise indicated, the forward-looking
statements in this release are based on the Company’s expectations
at the date of this release. Interfor undertakes no obligation to
update such forward-looking information or statements, except as
required by law.
ABOUT INTERFOR
Interfor is a growth-oriented forest products company with
operations in Canada and the United States. The Company has annual
production capacity of approximately 3.9 billion board feet and
offers a diverse line of lumber products to customers around the
world. For more information about Interfor, visit our website at
www.interfor.com.
Investor contact and further information:
Rick Pozzebon, Senior Vice President & Chief Financial
Officer(604) 689-6804
Mike Mackay, Vice President of Corporate Development &
Strategy (604) 689-6846
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