Fraser Papers Inc.
TSX : FPS

Fraser Papers Inc.

November 01, 2005 09:28 ET

Fraser Papers Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - Nov. 1, 2005) -

(All financial references are in US dollars unless otherwise noted)

Fraser Papers Inc. (TSX:FPS) today announced that the Toronto Stock Exchange has accepted a notice filed by Fraser Papers of its intention to renew its existing normal course issuer bid for a further one year period. Fraser Papers maintains an issuer bid because it believes that, from time to time, its common shares trade in price ranges that do not fully reflect their value. The company believes that, in such circumstances, acquiring common shares would allow the Company to capitalize on the value potential.

The notice provides that Fraser Papers may, during the twelve month period commencing November 3, 2005 and ending November 2, 2006, purchase on the Toronto Stock Exchange up to 1,475,493 common shares, representing approximately 5% of the issued and outstanding common shares of the company. On October 27, 2005, there were 29,509,876 common shares issued and outstanding. The price to be paid for the shares will be the market price at the time of purchase. The actual number of shares to be purchased and the timing of such purchases will be determined by Fraser Papers, and all shares will be purchased on the open market through the facilities of and in accordance with the rules and policies of the Toronto Stock Exchange. All shares purchased under the bid will be cancelled.

Under its current normal course issuer bid that commenced on November 3, 2004 and expires on November 2, 2005, Fraser Papers has to date purchased 602,100 common shares through open market purchases on the Toronto Stock Exchange at an average price per share of C$12.79.

Fraser Papers is an integrated specialty paper company which produces a broad range of technical, and printing & writing papers. The company has operations in New Brunswick, Maine, New Hampshire and Quebec. Fraser Papers is listed on the Toronto Stock Exchange under the symbol: FPS. For more information, visit the Fraser Papers web site at www.fraserpapers.com.

Note: This press release contains "forward-looking statements" that are based on certain assumptions and reflect the company's current expectations. The words "believe," "expect," "anticipate," "intend," "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, interest rates, availability of equity and debt financing and other risks detailed from time to time in the documents filed by the company with the securities regulators in Canada. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Fraser Papers Inc.
    Ben Vaughan, Senior Vice President
    Finance and Corporate Development
    (416) 359-8623
    vaughanb@fraserpapers.com