International Forest Products Limited
TSX : IFP.A

International Forest Products Limited

January 03, 2008 18:58 ET

Interfor Receives Regulatory Approval for Normal Course Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 3, 2008) - International Forest Products Limited (TSX:IFP.A) has been informed that Toronto Stock Exchange has accepted its notice to make a normal course issuer bid for its Class A Subordinate Voting Shares. The Company believes that current market conditions provide opportunities for Interfor to acquire shares at attractive prices and that the purchases will enhance shareholder value.

The share buy-back program entitles Interfor to purchase up to 1,300,000 Class A Subordinate Voting Shares through the facilities of the Exchange, representing approximately 2.8% of the 46,089,076 Class A Subordinate Voting Shares that were issued and outstanding on December 31, 2007 and 3.9% of its public float, currently comprised of 33,333,975 Class A Subordinate Voting Shares. Any Class A Subordinate Voting Shares purchased by Interfor will be cancelled. The program will commence on January 8, 2008 and will terminate on the earlier of the date on which it has acquired 1,300,000 Class A Subordinate Voting Shares and January 7, 2009.

Interfor has purchased 1,220,100 Class A Subordinate Voting Shares within the past 12 months under a normal course issuer bid. The Class A Subordinate Voting Shares were acquired through the facilities of the Toronto Stock Exchange and the average price per Class A Share was $8.05. Pursuant to TSX policies, daily purchases made by Interfor will not exceed 13,979 Class A Subordinate Voting Shares or 25% of the average daily trading volume of 55,915 Class A Subordinate Voting Shares on the TSX, subject to certain prescribed exceptions.

Contact Information

  • International Forest Products Limited
    John Horning
    Senior Vice-President, CFO and Corporate Secretary
    (604) 689-6829
    Website: www.interfor.com