Displaying items by tag: Canfor Corporation
Canfor Corporation (TSX:CFP) (“Canfor”) has agreed with Great Pacific Capital Corp. (“Great Pacific”) and 1227738 B.C. Ltd. (the “Purchaser”), a wholly-owned subsidiary of Great Pacific, to terminate the previously announced arrangement agreement dated October 28, 2019 (the “Arrangement Agreement”) with respect to the proposed plan of arrangement (the “Arrangement”) of Canfor.
Based on the Canfor shareholder votes cast by proxy prior to the December 16, 2019 proxy cutoff, the “majority of the minority” vote required to approve the Arrangement pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, will not be achieved.
Approximately 45% of the votes cast by proxy by minority shareholders as at the proxy cutoff were in favour of the Arrangement.
The special meeting of Canfor shareholders, scheduled for Wednesday, December 18, 2019 at 9:00 a.m. (Vancouver time), has been cancelled.
Pursuant to the Arrangement Agreement, the Purchaser will pay 50% of the actual reasonable out-of- pocket expenses incurred by Canfor in connection with the Arrangement from the date of the Arrangement Agreement to the date hereof. AST Trust Company (Canada), as depositary for the Arrangement, will be returning any physical share certificates that have been submitted by shareholders of Canfor in connection with the Arrangement forthwith in accordance with the instructions contained in the letters of transmittal.
Canfor plans to continue to diversify its business and pursue growth strategies in positioning itself for long-term success and sustainability.
Forward Looking Statements
Certain statements in this press release constitute “forward-looking statements” which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. These forward- looking statements include, among others, statements relating to: the cancellation of the special meeting of Canfor shareholders; the Purchaser’s repayment of 50% of Canfor’s reasonable out-of-pocket expenses incurred in connection with the Arrangement; and Canfor’s ongoing business strategies and objectives. Words such as “expects”, “anticipates”, “projects”, “intends”, “plans”, “will”, “believes”, “seeks”, “estimates”, “should”, “may”, “could”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on current expectations and beliefs and actual events or results may differ materially.
Although Canfor believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond Canfor’s control and the effects of which can be difficult to predict: the possibility of adverse reactions or changes in business relationships resulting from the announcement of termination of the Arrangement Agreement; risks relating to Canfor’s ability to retain and attract key personnel; changes in economic conditions, interest rates or commodity prices; risks and uncertainties relating to information management, technology, supply chain, product safety, changes in law, competition, seasonality, commodity price and business; and other risks inherent to Canfor’s business and/or factors beyond its control which could have a material adverse effect on Canfor.
Canfor cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause Canfor’s actual results to differ from current expectations, please refer to the “Risks and Uncertainties” section of Canfor’s Management’s Discussion & Analysis for the year ended December 31, 2018, as well as Canfor’s other public filings, available at www.sedar.com and at www.canfor.com.
The forward-looking statements contained in this news release describe Canfor’s expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, Canfor does not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.
Canfor is a leading integrated forest products company based in Vancouver, British Columbia (“BC”) with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas, as well as in Sweden with its recent majority acquisition of Vida Group. Canfor produces primarily softwood lumber and also owns a 54.8% interest in Canfor Pulp Products Inc., which is one of the largest global producers of market northern bleached softwood kraft pulp and a leading producer of high performance kraft paper. Canfor Shares are traded on The Toronto Stock Exchange under the symbol CFP.
Canfor Corporation (TSX:CFP) and Canfor Pulp Products Inc. (TSX:CFX) will hold a joint conference call on Monday, October 23, 2017 at 8:00 AM PDT to discuss their respective third quarter 2017 financial and operating results. To participate in the call, please dial one of the following numbers:
Toll-Free Access: 888-390-0546
Let the operator know you wish to participate in the Canfor conference call.
Following management’s discussion of the quarterly results, the analyst and investment community will be invited to ask questions.
For Instant Replay Access, please dial one of the following numbers and enter
Toll-Free Access: 888-390-0541
Participant Pass Code: 919920#
Recording available until: November 6, 2017
The conference call will be available live at www.canfor.com.
Canfor Corporation announces that it has entered into an agreement to purchase the assets of Wynndel Box and Lumber Ltd., located in the Creston Valley of British Columbia.
Wynndel Box and Lumber produces premium boards and customized specialty wood products sold under the brand name WynnWood. It has access to exceptionally high-quality fibre, and will advance Canfor’s ability to produce a broader mix of higher value specialty products. The acquisition of assets includes a sawmill located in Wynndel, BC with an annual production capacity of 65 million board feet, and approximately 65,000 cubic metres of annual harvesting rights in the Kootenay Lake Timber Supply Area. The agreement is expected to close in the second quarter of 2016 and is subject to customary closing conditions.
“This acquisition will further increase our focus on specialty markets worldwide,” said Canfor Corporation President and CEO Don Kayne.
“We are pleased to further grow and diversify the product line we are able to provide to our global customers, and to welcome our new colleagues at WynnWood to Canfor.”
Canfor is a leading integrated forest products company based in Vancouver, British Columbia (“BC”) with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas. Canfor produces primarily softwood lumber and also owns a 51.9% interest in Canfor Pulp Products Inc., which is one of the largest producers of market northern bleached softwood kraft pulp and a leading producer of high performance kraft paper. Canfor shares are traded on the Toronto Stock Exchange under the symbol CFP.
Canfor Corporation (TSX: CFP) has announced the sale of its Taylor, BC pulp mill to its subsidiary company, Canfor Pulp Products Incorporated (TSX: CFX). This transaction will impact the management reporting structure of Taylor Pulp within Canfor Corporation but is not anticipated to have any operational impacts. The agreement includes a purchase price of approximately $15 million including working capital, along with additional consideration to be paid by Canfor Pulp over a three year period contingent on the financial results of Taylor Pulp over that time.
“This transaction serves to align all of our pulp and paper operations under the expertise of our Canfor Pulp leadership team,” said Canfor Corporation President and CEO Don Kayne. “Our excellent employees at Taylor Pulp will continue to make high‐quality products for our customers around the globe, and this agreement will simplify the management of our operating divisions.”
Taylor Pulp employs 106 people and has an annual production capacity of 220,000 tonnes of bleached chemi‐thermo‐mechanical pulp.
Forward Looking Statements
Certain statements in this press release constitute “forward‐looking statements” which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as “expects”, “anticipates”, “projects”, “intends”, “plans”, “will”, “believes”, “seeks”, “estimates”, “should”, “may”, “could”, and variations of such words and similar expressions are intended to identify such forward‐looking statements. These statements are based on management’s current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward‐looking statements to differ materially from any future results expressed or implied by such statements. Forward‐looking statements are based on current expectations and Canfor assumes no obligation to update such information to reflect later events or developments, except as required by law.
Canfor is a leading integrated forest products company based in Vancouver, British Columbia (BC) with operations in BC, Alberta, North and South Carolina and Alabama. Canfor produces primarily softwood lumber, and also produces bleached chemi‐thermo‐mechanical pulp and specialized wood products. Canfor also owns a 50.5% interest in Canfor Pulp Products Inc., which is one of the largest producers of northern softwood kraft pulp in Canada and a leading producer of high performance kraft paper. Canfor shares are traded on the Toronto Stock Exchange under the symbol Canfor.
Canfor Corporation (TSX:CFP) is pleased to announce the purchase of the operating assets of Balfour Lumber Company and Beadles Lumber Company. The transaction includes two sawmills located in Thomasville and Moultrie, Georgia in an area with a high quality and sustainable fibre supply.
The Balfour and Beadles mills produce quality southern yellow pine lumber and the operations have a combined capacity of 210 million board feet after reflecting planned near term capital.
The purchase is structured with 55% being acquired in January 2015 and the balance after a two year period. “ The Balfour and Beadles sawmills are strong high performing assets in a supply area of sustainable and quality fibre.” said Canfor Corporation President and CEO Don Kayne. “These mills and the management team in Georgia will contribute to the strength of Canfor.”
The transaction is subject to standard closing conditions.
Canfor Corporation (TSX: CFP) has announced that it will permanently close its sawmill located in Quesnel, British Columbia. The Company anticipates that the closure will occur in March, 2014. Canfor’s 209 Quesnel-based employees will be offered positions elsewhere in the Company.
Canfor has entered into an agreement with West Fraser Mills Ltd. for an exchange in forest tenure rights. Canfor is exchanging 382,194 m3 of replaceable forest licence allowable annual cut in the Quesnel Timber Supply Area as well as 53,627 m3 of replaceable forest licence allowable annual cut in the Lakes Timber Supply Area with West Fraser in exchange for receiving 324,500 m3 of replaceable forest licence allowable annual cut in the Morice Timber Supply Area. The companies are also exchanging non-replaceable licenses and undercut volumes.
“The timber availability in the Quesnel region following the mountain pine beetle infestation unfortunately leaves us unable to continue operation of our Quesnel sawmill,” said Don Kayne, President and CEO of Canfor Corporation. “The additional fibre we have been able to secure in the exchange agreement with West Fraser enhances the fibre requirements for our Houston facility. We are committed to minimizing the impacts of this closure on our Quesnel employees.”