ISS and Egan-Jones Recommend Canfor Shareholders Vote for the Proposed Arrangement with Great Pacific
Canfor Corporation (“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”).
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.
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.
Michelle Ward – Director Corporate Communications – firstname.lastname@example.org – (604) 661-5225
Source: Canfor Corporation