VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 2, 2017) - Acadian Timber Corp. (ADN.TO) ("Acadian" or the "Company") announced today that the Toronto Stock Exchange (the "TSX") has approved its notice of intention to make a normal course issuer bid for a portion of its common shares ("Common Shares"). The normal course issuer bid will be made in accordance with the requirements of the TSX. Acadian may begin to purchase Common Shares on March 7, 2017.
As of February 28, 2017, 16,731,216 Common Shares were outstanding and the public float consists of 9,159,654 Common Shares. Pursuant to the normal course issuer bid, Acadian is permitted to acquire up to 915,965 Common Shares, being 10% of the Company's public float, in the 12-month period commencing March 7, 2017 and ending on March 6, 2018. Purchases under the normal course issuer bid will be made by Acadian through the facilities of the TSX and other Canadian trading systems and in accordance with applicable regulatory requirements. The price that Acadian will pay for any Common Shares will be the market price of such Common Shares at the time of acquisition. Under the normal course issuer bid, Acadian may purchase up to 2,728 Common Shares on the TSX during any trading day, which is 25% of 10,915 (the average daily trading volume for Acadian's Common Shares on the TSX for the six months ended February 28, 2017). This limitation does not apply to purchases made pursuant to block purchase exemptions. Any Common Shares that are purchased under the normal course issuer bid will be cancelled upon their purchase by Acadian.
Acadian will fund the purchases through available cash. Acadian believes that the repurchase by Acadian of a portion of outstanding Common Shares is an appropriate use of available cash and is in the best interests of Acadian.
Acadian Timber Corp. is a leading supplier of primary forest products in Eastern Canada and the Northeastern U.S. With a total of 2.4 million acres of land under management, Acadian is the second largest timberland operator in New Brunswick and Maine.
Acadian owns and manages approximately 1.1 million acres of freehold timberlands in New Brunswick and Maine, and provides management services relating to approximately 1.3 million acres of Crown licensed timberlands in New Brunswick. Acadian also owns and operates a forest nursery in Second Falls, New Brunswick. Acadian's products include softwood and hardwood sawlogs, pulpwood and biomass by-products, sold to approximately 100 regional customers.
Acadian's business strategy is to maximize cash flows from its existing timberland assets while growing our business by acquiring assets on a value basis and utilizing our operations-oriented approach to drive improved performance.
Acadian's shares are listed for trading on the Toronto Stock Exchange under the symbol ADN.
For further information, please visit our website at www.acadiantimber.com.