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Interfor Announces Preliminary Results of Substantial Issuer Bid

Press Release

September 8, 2022

INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) announced today the preliminary results of its substantial issuer bid (the “Offer”) pursuant to which the Company offered to purchase up to $100 million in value of its outstanding common shares (the “Shares”) for cancellation from holders of Shares (the “Shareholders”) . The Offer was made by way of a modified Dutch auction, which had a tender price range from $ 29.00 to $34.00 per Share. The Offer expired at 5:00 p.m. (Eastern time) on September 8, 2022.

In accordance with the terms and conditions of the Offer and based on the preliminary determination of Computershare Investor Services Inc., as depositary for the Offer (the “Depositary”), Interfor expects to take up and pay for 3,355,704 Shares at a price of $29.80 per Share (the “Purchase Price”), representing an aggregate purchase price of $100 million and 6.1% of the total number of Interfor’s issued and outstanding Shares as of July 25, 2022.

The Offer was oversubscribed, with 6,749,706 Shares validly tendered and not withdrawn. Shareholders who made auction tenders at or below the Purchase Price and shareholders who made, or were deemed to have made, purchase price tenders are expected to have the number of Shares purchased prorated following the determination of the final results of the Offer (other than “odd lot” tenders, which are not subject to proration) to approximately 98.8% of their tendered Shares. Shareholders who made auction tenders at a price in excess of the Purchase Price should not expect to have any of their Shares purchased by Interfor.

The number of Shares to be purchased, the proration factor and the Purchase Price referred to above are preliminary, remain subject to verification by the Depositary and assume that all Shares tendered through notice of guaranteed delivery will be delivered within the two trading-day settlement period. Upon take-up and payment for the Shares purchased, Interfor will issue a news release disclosing the final results, including the final Purchase Price, the final proration factor, the estimated paid-up capital per Share and the “specified amount” for purposes of the Income Tax Act (Canada).

Payment for the Shares accepted for purchase will be made in accordance with the terms of the Offer and applicable law, and the Depositary will return to Shareholders all other Shares tendered and not purchased.

Full details of the Offer are described in the offer to purchase and issuer bid circular dated August 2, 2022, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which are available on SEDAR at www.sedar.com.

ABOUT INTERFOR

Interfor is a growth-oriented forest products company with operations in Canada and the United States. The Company has annual lumber production capacity of approximately 4.7 billion board feet and offers a diverse line of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.

Investor Contacts:

Rick Pozzebon, Senior Vice President & Chief Financial Officer (604) 689-6804

Mike Mackay, Vice President of Corporate Development & Strategy (604) 689-6846

Media Contact:

Svetlana Kayumova, Manager of Corporate Affairs

422-7329 [email protected]

IBF4

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