International Forest Products Limited
TSX : IFP.SV.A

International Forest Products Limited

November 07, 2006 12:05 ET

Interfor Receives Regulatory Approval for Normal Course Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 7, 2006) - International Forest Products Limited (TSX:IFP.SV.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 2,366,000 Class A Subordinate Voting Shares through the facilities of the Exchange, representing 5% of the 47,205,796 Class A Subordinate Voting Shares that were issued and outstanding on November 6, 2006 and 6.8% of its public float, currently comprised of 34,899,734 Class A Subordinate Voting Shares. Any Class A Subordinate Voting Shares purchased by Interfor will be cancelled. The program will commence on November 9, 2006 and will terminate on the earlier of the date on which it has acquired 2,366,000 Class A Subordinate Voting Shares and November 8, 2007.

Interfor has purchased 616,400 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 $6.78.

Contact Information

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