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Western Forest Products Inc. Announces Renewal of Normal Course Issuer Bid
Western Forest Products Inc. Announces Renewal of Normal Course Issuer Bid Cana...
About this update from Western Forest Products Inc.
[{"type":"text","content":"\n \n \n \n Western Forest Products Inc. Announces Renewal of Normal Course 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 VANCOUVER, BC\n \n ,\n \n Aug. 5, 2021\n \n /CNW/ - Western Forest Products Inc. (TSX: WEF) (\"Western\" or the \"Company\") announced today that it has received approval from the Toronto Stock Exchange (\"TSX\") to renew a normal course issuer bid (\"NCIB\") to purchase for cancellation up to 29,726,940 of its common shares, representing 10% of the public float as of\n \n August 5, 2021\n \n .\n \n \n \n \n \n \n \n \n \n The NCIB, which will begin on\n \n August 11, 2021\n \n and end no later than\n \n August 10, 2022\n \n , unless completed or terminated earlier, will be conducted through open market transactions through the facilities of the TSX or other Canadian marketplaces or alternative trading systems and will conform to their rules and regulations. The price to be paid by Western for any common share will be the market price at the time of acquisition.\n \n \n The average daily trading volume of Western's common shares over the six month period ending\n \n \n July 31, 2021\n \n , as calculated per the TSX rules, was 1,077,551 common shares. Consequently, under TSX rules, Western will be allowed to purchase daily, through the facilities of the TSX, a maximum of 269,387 common shares representing 25% of such average daily trading volume, subject to certain exceptions for block purchases. All shares purchased pursuant to the NCIB will be cancelled.\n \n \n The Company has also entered into an automatic share purchase plan (the \"Plan\") with its designated broker to facilitate purchases of its common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase its common shares due to regulatory restrictions or self-imposed blackout periods. Pursuant to the Plan, before entering a blackout period, Western may, but is not required to, instruct its broker to make purchases under the NCIB during the blackout period based on parameters established b...