ISS and Egan-Jones Recommend Canfor Shareholders Vote For the Proposed Arrangement with Great Pacific

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

ISS and Egan-Jones Recommend Canfor Shareholders Vote For the Proposed Arrangement with Great Pacific

Canada NewsWire

VANCOUVER, Dec. 12, 2019 /CNW/ - Canfor Corporation (TSX:CFP) ("Canfor") announces the results of reports issued by independent proxy advisory firms, Institutional Shareholder Services Inc. ("ISS") and Egan-Jones Proxy Services ("Egan-Jones"), both of which have recommended that Canfor shareholders vote FOR the proposed plan of arrangement (the "Arrangement") with 1227738 B.C. Ltd., a wholly-owned subsidiary of Great Pacific Capital Corp. ("Great Pacific").

Canfor Corporation (CNW Group/Canfor Corporation)

The Arrangement is to be considered at the upcoming special meeting of Canfor shareholders ("Shareholders") being held on Wednesday, December 18, 2019 at 9:00 a.m. (Vancouver time), at the Vancouver ‎Marriott Pinnacle Downtown Hotel, 1128 West Hastings Street, Vancouver, British Columbia (the "Special Meeting").

Canfor felt compelled to release the recommendations of all three proxy advisory firms after the recommendation of Glass, Lewis & Co. ("Glass Lewis") was publicized by a Shareholder in a ‎misleading and selective manner by press release without noting that both ISS and Egan-Jones had recommended that Shareholders vote FOR the ‎Arrangement. Canfor believes that the report issued by Glass Lewis, which recommended that Shareholders not vote in favour of the Arrangement, contains material errors and omissions regarding the facts of the matter on which the opinion is based. Canfor has relayed its views to Glass Lewis.      

The Board of Directors of Canfor continues to recommend that Shareholders vote FOR the resolution approving the Arrangement at the Special Meeting. 

Shareholders are encouraged to read the Special Meeting materials in detail and cast their votes prior to the proxy voting deadline. To ensure that your Canfor shares will be represented at the Special Meeting, you should carefully follow the voting instructions provided in the Special Meeting materials.

The deadline for the receipt of proxies is 9:00 a.m. (Vancouver time) on December 16, 2019. Shareholders may vote online, by telephone or other methods listed on their form of proxy or voting ‎instruction form.

Copies of the Special Meeting materials are available on SEDAR under Canfor's profile at www.sedar.com

Your vote is important regardless of the number of securities you own. Whether or not you are able to attend the Special Meeting, we urge you to vote.

 

If you have any questions or require assistance with voting, please contact our proxy solicitation agent:

 

Laurel Hill Advisory Group

 

North American Toll-Free Number: 1-877-452-7184
Collect Calls Outside North America: 416-304-0211
Email: [email protected]

 

Forward Looking Statements

Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. These forward-looking statements include, among others, statements relating to the upcoming Special Meeting. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on current expectations and beliefs and actual events or results may differ materially.

Although Canfor believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond Canfor's control and the effects of which can be difficult to predict: the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required Shareholder, Court and regulatory approvals and other conditions of closing necessary to complete the Arrangement or for other reasons; the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Arrangement; risks relating to Canfor's ability to retain and attract key personnel during the interim period; the possibility of litigation relating to the Arrangement; credit, market, currency, operational, liquidity and funding risks generally and relating specifically to the Arrangement, including changes in economic conditions, interest rates or commodity prices; risks and uncertainties relating to information management, technology, supply chain, product safety, changes in law, competition, seasonality, commodity price and business; and other risks inherent to Canfor's business and/or factors beyond its control which could have a material adverse effect on Canfor or the ability to consummate the Arrangement.

Canfor cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause Canfor's actual results to differ from current expectations, please refer to the "Risks and Uncertainties" section of Canfor's Management's Discussion & Analysis for the year ended December 31, 2018, as well as Canfor's other public filings, available at www.sedar.com and at www.canfor.com.

The forward-looking statements contained in this news release describe Canfor's expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, Canfor does not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

About Canfor

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 its recent majority acquisition of Vida Group. Canfor produces primarily softwood lumber and also owns a 54.8% interest in Canfor Pulp Products Inc., which is one of the largest global producers of market northern bleached softwood kraft pulp and a leading producer of high performance kraft paper. Canfor Shares are traded on The Toronto Stock Exchange under the symbol CFP.

                                                            

SOURCE Canfor Corporation

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2019/12/c2413.html

Copyright CNW Group 2019

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).