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Interfor Amends Share Buyback Program

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Interfor (Foxborough, Mass., USA) announced Dec. 18 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 will allow for the purchase during the twelve-month period that commenced on Mar. 7, 2018 and ends on Mar. 6, 2019 of up to 6,934,356 common shares, which represents 10% of the company’s public float as at Mar. 1, 2018. The amended NCIB increases the maximum number of common shares that may be repurchased by an additional 3,434,356 common shares. Under the current NCIB, as of market close on Dec. 18, 2018, the company purchased 2,148,130 common shares at an average price of $16.34 per common share, resulting in 4,786,226 common shares available for purchase under the amended NCIB.

Under TSX rules, Interfor will be allowed to purchase daily a maximum of 64,705 common shares, representing 25% of the average daily trading volume of 258,822 common shares, subject to certain exemptions for block purchases. All purchases will be made through open market transactions through the facilities of the TSX or other Canadian alternative trading systems and will conform to their rules and regulations. The price to be paid by Interfor for any common shares will be the market price at the time of acquisition. All common shares purchased pursuant to the NCIB will be cancelled.

Interfor has also entered into an automatic securities purchase plan agreement with a securities broker under which the broker will act as the company’s agent to acquire Interfor common shares under the NCIB during the company’s blackout period starting on Jan. 1, 2019 and ending on Feb. 11, 2019. Purchases by the broker under the NCIB during this period will be made at the broker’s discretion, subject to certain parameters established by Interfor prior to Jan.1, 2019 with respect to price and number of common shares.
 

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