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WEST FRASER ANNOUNCES PRELIMINARY RESULTS OF SUBSTANTIAL ISSUER BID
WEST FRASER ANNOUNCES PRELIMINARY RESULTS OF SUBSTANTIAL ISSUER BID Canada News...
About this update from West Fraser Timber Co. Ltd.
[{"type":"text","content":"\n \n \n \n WEST FRASER ANNOUNCES PRELIMINARY RESULTS OF SUBSTANTIAL ISSUER BID\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n June 3, 2022\n \n \n /CNW/ - West Fraser Timber Co. Ltd. (\"West Fraser\" or the \"Company\") (TSX: WFG) (NYSE: WFG) announced today the preliminary results of its substantial issuer bid (\"SIB\"), pursuant to which West Fraser offered to purchase for cancellation up to\n \n US$1.25 billion\n \n of its common shares (\"Shares\"). The SIB expired at\n \n 5:00 p.m.\n \n (\n \n Vancouver\n \n time) on\n \n Thursday, June 2, 2022\n \n .\n \n \n In accordance with the terms and subject to the conditions of the SIB and based on the preliminary calculations of Computershare Investor Services Inc. (\"Computershare\"), as depositary for the SIB, West Fraser expects to take up and pay for approximately 11.898 million Shares at a price of approximately\n \n US$95\n \n per Share, representing an aggregate purchase price of approximately\n \n US$1.130 billion\n \n .\n \n \n West Fraser currently expects that all shareholders who made auction tenders and purchase price tenders will have 100% of their successfully tendered Shares purchased by West Fraser at the purchase price.\n \n \n The number of Shares to be purchased and the purchase price referred to above are preliminary, remain subject to verification by Computershare and assume that all Shares tendered through notice of guaranteed delivery will be delivered within the two trading day settlement period. Upon take up and payment of the Shares purchased, West Fraser will release the final results.\n \n \n For Canadian federal income tax purposes, a deemed dividend arises on the repurchase of Shares under the SIB. To assist shareholders in determining the Canadian tax consequences of the SIB, West Fraser estimates that for the purposes of the\n \n Income Tax Act\n \n (\n \n Canada\n \n ), the paid-up capital per Share is\n \n C$17.49\n \n . West Fraser designates the entire amount of the deemed dividend arising from its repurch...