Business
West Fraser Increases Dividend and Share Buyback Authorization
West Fraser Increases Dividend and Share Buyback Authorization Canada NewsWire ...
About this update from West Fraser Timber Co. Ltd.
[{"type":"text","content":"\n \n \n \n West Fraser Increases Dividend and Share Buyback Authorization\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 VANCOUVER, BC\n \n ,\n \n June 8, 2021\n \n /CNW/ - West Fraser Timber Co. Ltd. (\"\n \n West Fraser\n \n \" or the \"\n \n Company\n \n \") (TSX and NYSE: WFG) announced today an increase in the quarterly dividend to\n \n C$0.25\n \n per share and an increase in the Company's authorization to purchase up to 9,582,470 of its Common shares (the \"\n \n Shares\n \n \").\n \n \n \n \n Dividend Increase\n \n \n \n \n The Board of Directors of the Company has declared a quarterly dividend of\n \n C$0.25\n \n per share on the Common shares and the Class B Common shares in the capital of the Company, payable on\n \n July 6, 2021\n \n to shareholders of record on June 21, 2021. This is an increase from the previous quarterly dividend of\n \n C$0.20\n \n per share.\n \n \n Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) and any applicable provincial legislation pertaining to eligible dividends.\n \n \n \n \n Normal Course Issuer Bid Increase\n \n \n \n \n The Toronto Stock Exchange (\"\n \n TSX\n \n \") has accepted a notice filed by the Company of its intention to amend its current normal course issuer bid (\"\n \n NCIB\n \n \") to increase the authorization to purchase up to 9,582,470 of its Shares. This is an increase from the current NCIB authorization of 6,044,000 Shares. The amendments to the NCIB will become effective on\n \n June 11, 2021\n \n .\n \n \n The amended TSX notice authorizes the Company to purchase, during the 12-month period commencing February 17, 2021 and ending\n \n February 16, 2022\n \n , an additional 3,538,470 Shares of the Company representing in the aggregate 10% of the public float as at\n \n February 8, 2021\n \n . Under its current NCIB, as of\n \n June 7, 2021\n \n , the Company has purchased 3,859,039 Shares at an average price of\n \n $88.08\n \n per Share, resulting in 5,723,431&#...