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Western Forest Products Inc Announces $100 Million Substantial Issuer Bid; Initiates Regular Dividend


Tuesday, 2 Jul 2013 05:20pm EDT 

Western Forest Products Inc announced a substantial issuer bid (the "Bid") to repurchase up to $100 million of its outstanding voting common and non-voting shares ("Shares"), and the commencement of a regular quarterly dividend of initially $0.02 per Share. The Bid will be an all-cash offer made by way of a modified "Dutch Auction" and the range of Bid prices will be from $1.30 to $1.50 per Share. The maximum purchase price under the Bid represents a premium of approximately 15% over the daily volume weighted average trading price of the Company's common shares on the TSX for the 30 trading days preceding the date of this announcement. Western expects the regular quarterly dividend to commence in the Company's third fiscal quarter and to be funded from operating cash flow. 

Company Quote

2.46
0.03 +1.23%
29 Aug 2014