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Interfor Announces Name Change, Simplified Share Structure and New Directors
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 6, 2014) - INTERFOR CORPORATION ("Interfor" or the "Company") (TSX:IFP.A) announces that shareholders have approved proposals to change the Company's name to Interfor Corporation from International Forest Products Limited, and to simplify the Company's share structure. The Company effected these changes today.
The new name is a direct link to the Company's traditional trade name, and is consistent with the formal names of its US subsidiaries, which now account for more than 50 per cent of Interfor's total production.
The process to simplify the share structure, which began last August, involves eliminating the Company's Class B Common Shares, known as Multiple Voting Shares, and redesignating Class A Subordinate Voting Shares as Common Shares. Further information can be found in the Company's Notice of the Annual and Special Meeting of Shareholders and Management Information Circular.
The changes were approved at the Company's AGM held on May 6th and have also been conditionally approved by the Toronto Stock Exchange (TSX). It is anticipated that the Company's trading symbol on the TSX will change to "IFP" and the CUSIP for its newly designated Common Shares will be updated over the coming days.
Interfor also announces the voting results in respect of the election of all director nominees at its AGM as follows:
Class "A" Subordinate Voting shares | Percentage of Votes in Favor |
Duncan K. Davies | 99.85% |
Paul Herbert | 99.80% |
Jeane Hull | 99.80% |
Peter M. Lynch | 98.77% |
Gordon H. MacDougall | 99.84% |
J. Eddie McMillan | 85.49% |
Andrew K. Mittag | 99.30% |
Lawrence Sauder | 86.12% |
L. Scott Thomson | 80.66% |
Douglas W.G. Whitehead | 99.82% |
A total of 41,162,631 Class "A" Subordinate Voting shares were voted at the AGM, representing 61.68% of the votes attached to the outstanding Class "A" Subordinate Voting shares.
FORWARD-LOOKING STATEMENTS
This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words "will" and "is expected" and similar expressions. Such statements involve known and unknown risks and uncertainties that may cause Interfor's actual results to be materially different from those expressed or implied by those forward-looking statements. Such risks and uncertainties include, among others: general economic and business conditions, product selling prices, raw material and operating costs, changes in foreign-currency exchange rates, and other factors referenced herein and in Interfor's Annual Report and Management Information Circular available on www.sedar.com. The forward-looking information and statements contained in this report are based on Interfor's current expectations and beliefs. Readers are cautioned not to place undue reliance on forward-looking information or statements. Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.
ABOUT INTERFOR
Interfor is a growth-oriented lumber company with operations in Canada and the United States. The Company has annual production capacity of 2.6 billion board feet and offers one of the most diverse lines of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.
