Norbord Inc. Announces Notice Of Intention To Make A Normal Course Issuer Bid
TORONTO, Feb. 1, 2013 /CNW/ - Norbord Inc. (TSX: NBD, NBD.WT) announced today
that the Toronto Stock Exchange (the "TSX") has accepted its notice of
intention to conduct a normal course issuer bid in accordance with TSX
rules. Under the bid, Norbord may purchase up to 2,198,341 of its common
shares, representing approximately 5% of the Company's issued and outstanding
common shares of 43,966,827 as of January 22, 2013, pursuant to TSX rules.
Purchases under the bid may commence on February 5, 2013, and will terminate
on the earlier of February 4, 2014, the date Norbord completes its purchases
pursuant to the notice of intention to make a normal course issuer bid filed
with the TSX or the date of notice by Norbord of termination of the bid.
Purchases will be made on the open market by Norbord through the facilities of
the TSX in accordance with the requirements of the TSX. The price that
Norbord will pay for any such common shares will be the market price of such
shares on the TSX at the time of acquisition. Common shares purchased under
the bid will be cancelled. Norbord's average daily trading volume on the TSX
during the last six calendar months was 113,890 common shares. Daily
purchases of common shares will not exceed 28,472 shares, subject to the
Company's ability to make "block" purchases under the rules of the TSX. No
share purchases were made under the Company's previous normal course issuer
bid that expired on December 20, 2012.
Norbord believes that the market price of its common shares at certain times
may be attractive and that the purchase of these shares from time to time
would be an appropriate use of Norbord's funds in light of potential benefits
to remaining shareholders.
Norbord Inc. is an international producer of wood-based panels with assets of
$1 billion, employing approximately 1,900 people at 13 plant locations in the
United States, Europe and Canada. Norbord is one of the world's largest
producers of oriented strand board (OSB). In addition to OSB, Norbord
manufactures particleboard, medium density fibreboard (MDF) and related
value-added products. Norbord is a publicly-traded company listed on the
Toronto Stock Exchange under the symbols NBD and NBD.WT.
Heather Colpitts Manager, Corporate Affairs Tel. (416) 365-0705
SOURCE: Norbord Inc.
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-0- Feb/01/2013 17:46 GMT
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