Share Buyback Announcement. Today should be an excellent day for the company to make good on this. Western Forest Products Inc. Announces Renewal of Normal Course Issuer Bid
7:00 am ET August 7, 2020 (PR Newswire
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
18,759,858 of its common shares, representing approximately 5% of the 375,197,166 common shares issued and
outstanding as of August 6, 2020. https://mma.prnewswire.com/media/1225261/Western_Forest_Products_Inc__Western_Forest_Products_Inc__Announ.j
The NCIB, which will begin on August 11, 2020 and end no later than August 10, 2021, 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.
The average daily trading volume of Western's common shares over the six month period ending July 31, 2020, as
calculated per the TSX rules, was 1,073,331 common shares. Consequently, under TSX rules, Western will be allowed to
purchase daily, through the facilities of the TSX, a maximum of 268,332 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
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 by Western in accordance with the rules of the TSX,
applicable securities law and the terms of the Plan. Outside of restricted or self-imposed blackout periods, common shares
may be purchased under the NCIB at the discretion of Western in accordance with TSX rules and applicable securities law.
The Company's current NCIB to purchase for cancellation up to 18,763,888 common shares expires on August 7, 2020. As
of the close of trading on August 6, 2020, the Company has not purchased any common shares under its current NCIB.
The Company believes that, from time to time, the market price of its common shares may be attractive and their
purchase would represent a desirable use of its capital to increase shareholder value.