Canfor announced tonight (December 16) that the agreement between them and Great Pacific Capital Corp., which is owned by B.C. business magnate Jim Pattison, has been denounced. The purchaser (Great Pacific Capital Corp.) pays 50 per cent of the reasonable actual maintenance costs incurred by Canfor under the agreement from the date it was made until today. Canfor cautions that the list of key factors and assumptions above is not exhaustive and that other factors may also affect its results. For more information on risks, uncertainties and assumptions that may result in actual results from the canfors being deferred from current expectations, please refer to the “Risks and Uncertainties” section of Canfor`s management discussion and analysis for the year ended December 31, 2018, as well as other Canfor public statements available on www.sedar.com and www.canfor.com. According to Canfor, about 45% of minority shareholder voting representatives voted in favour of the agreement at the time of the vote. VANCOUVER, 16.12.2019 /CNW/ – Canfor Corporation (TSX:CFP) (“Canfor”) has entered into an agreement with Great Pacific Capital Corp. (“Great Pacific”) and 1227738 B.C. Ltd(the “acquirer”), a wholly-based subsidiary of Great Pacific, terminate the Agreement of October 28, 2019 (the “Agreement of Agreement”) on Canfor`s proposed Plan of Arrangement (“Arrangement”). VANCOUVER, B.C. – Canfor Corporation has announced that it will remain a public company after Great Pacific Capital Corporation has not secured approval from the company`s minority shareholders for a privatization agreement.
On the basis of the votes of Canfor shareholders issued by voting representatives prior to the derogation of the proxy vote on 16 December, the “minority majority” required for the approval of the agreement was not reached. Wood giant Canfor has terminated an agreement between the company and Jim Pattison`s Great Pacific Capital Corporation. . In accordance with the agreement, the purchaser bears 50% of the reasonable actual costs of outsourcing incurred by Canfor under the agreement, from the date of the agreement to the date of the agreement. AST Trust Company (Canada), custodian of the arrangement, will immediately return all physical shares filed by Canfor shareholders as part of the agreement, in accordance with the instructions in the letters of transmission. . 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 the recent majority ownership of Vida Group. Canfor mainly produces softwood and owns 54.8% of Canfor Pulp Products Inc., one of the world`s largest producers of bleached softwood powders in a market economy and a leading producer of high-performance paper. Canfor shares are traded on the Toronto Stock Exchange under the symbol CFP.
. For a portfolio health check see The Greenard Index with Kevin Greenard Great Pacific Capital Corp already owns 51 percent of Canfor, but to get the green light to the $16 cash offer, more than 50 percent of the remaining shareholders had to back the offer.