TORONTO, Sept. 22, 2020 /PRNewswire/ - Norbord Inc.
(TSX: OSB) (NYSE: OSB) today reported that it has entered into
an automatic share purchase plan (ASPP) with a broker in order to
facilitate repurchases of Norbord's common shares under its
previously announced normal course issuer bid (NCIB).
The Company previously announced that it had received approval
from the Toronto Stock Exchange (TSX) to purchase up to 4,083,429
of its common shares, representing approximately 5% of the
Company's issued and outstanding common shares, during the 12-month
period commencing November 5, 2019
and terminating November 4, 2020.
Such purchases made pursuant to the NCIB are made on the open
market by Norbord through the facilities of the TSX, the New York
Stock Exchange or Canadian or US alternative trading systems, if
eligible, in accordance with the requirements of the TSX and
applicable securities laws.
Under Norbord's ASPP, Norbord's broker may purchase common
shares at times when Norbord ordinarily would not be active in the
market due to insider trading rules and its own internal trading
blackout periods. Purchases will be made by Norbord's broker based
upon parameters set by Norbord prior to the commencement of any
such blackout period and in accordance with the terms of the ASPP.
Outside of these blackout periods, common shares may continue to be
purchased in Norbord's discretion, subject to applicable law. The
ASPP has been entered into in accordance with the requirements of
applicable Canadian securities laws.
Norbord Profile
Norbord Inc. is a leading global manufacturer of wood-based
panels and the world's largest producer of oriented strand board
(OSB). In addition to OSB, Norbord manufactures particleboard,
medium density fibreboard and related value-added products. Norbord
has assets of approximately $1.8
billion and employs approximately 2,400 people at 17 plant
locations in the United States,
Canada and Europe. Norbord is a publicly traded company
listed on the Toronto Stock Exchange and New York Stock Exchange
under the symbol "OSB".
This news release contains forward-looking statements, as
defined by applicable securities legislation, including statements
related to the Company's strategy, projects, plans, future
financial or operating performance and other statements that
express management's expectations or estimates of future
performance. Often, but not always, forward-looking statements can
be identified by the use of words such as "set up," "on track,"
"expect," "estimate," "forecast," "target," "outlook," "schedule,"
"represent," "continue," "intend," "should," "would," "could,"
"will," "can," "might," "may," and other expressions which are
predictions of or indicate future events, trends or prospects and
which do not relate to historical matters identify forward-looking
statements. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Norbord to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Although Norbord believes it has a reasonable basis for
making these forward-looking statements, readers are cautioned not
to place undue reliance on such forward-looking information. By its
nature, forward-looking information involves numerous assumptions,
inherent risks and uncertainties, both general and specific, which
contribute to the possibility that the predictions, forecasts and
other forward-looking statements will not occur. These factors
include, but are not limited to: (1) developments related to
COVID-19 or any other plague, epidemic, pandemic, outbreak of
infectious disease or any other public health crisis, including
health and safety measures instituted to protect the Company's
employees, government-imposed restrictions or other restrictions
that may apply to the Company's employees and/or operations
(including quarantine), the impact on customer demand, supply and
distribution and other factors; (2) assumptions in connection with
the economic and financial conditions in the US, Europe, Canada and globally; (3) risks inherent to
product concentration and cyclicality; (4) effects of competition
and product pricing pressures; (5) risks inherent to customer
dependence; (6) effects of variations in the price and availability
of manufacturing inputs, including continued access to fibre
resources at competitive prices and the impact of third-party
certification standards; (7) availability of transportation
services, including truck and rail services, and port facilities;
(8) various events that could disrupt operations, including
natural, man-made or catastrophic events and ongoing relations with
employees; (9) impact of changes to, or non-compliance with,
environmental or other regulations; (10) government restrictions,
standards or regulations intended to reduce greenhouse gas
emissions; (11) impact of weather and climate change on Norbord's
operations or the operations or demand of its suppliers and
customers; (12) impact of any product liability claims in excess of
insurance coverage; (13) risks inherent to a capital intensive
industry; (14) impact of future outcomes of tax exposures; (15)
potential future changes in tax laws, including tax rates; (16)
effects of currency exposures and exchange rate fluctuations; (17)
future operating costs; (18) availability of financing, bank lines,
securitization programs and/or other means of liquidity; (19)
impact of future cross-border trade rulings or agreements; (20)
implementation of important strategic initiatives and
identification, completion and integration of acquisitions; (21)
ability to implement new or upgraded information technology
infrastructure; (22) impact of information technology service
disruptions or failures; and (23) changes in government policy and
regulation.
The above list of important factors affecting forward-looking
information is not exhaustive. Additional factors are noted
elsewhere, and reference should be made to the other risks
discussed in filings with Canadian and US securities regulatory
authorities. Except as required by applicable law, Norbord does not
undertake to update any forward-looking statements, whether written
or oral, that may be made from time to time by, or on behalf of,
the Company, whether as a result of new information, future events
or otherwise, or to publicly update or revise the above list of
factors affecting this information. See the "Forward-Looking
Statements" section in the February 4,
2020 Annual Information Form and the cautionary statement
contained in the "Forward-Looking Statements" section
of the 2019 Management's Discussion and Analysis
dated February 4, 2020 and Q2 2020
Management's Discussion and Analysis dated August 4, 2020.
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SOURCE Norbord Inc.
