VANCOUVER, British Columbia (News release) -- Canfor Pulp Products Inc. is pleased to announce that at the special meeting (the "Company Meeting") of the holders of common shares (the "Shareholders") in the capital of the Company (the "Common Shares") held earlier, the Shareholders voted in favour of approving the special resolution authorizing the previously announced arrangement (the "Arrangement") whereby Canfor Corporation (the "Purchaser") will acquire all of the issued and outstanding Common Shares that it and its affiliates do not already own by way of a statutory plan of arrangement (the "Plan of Arrangement")
Pursuant to the Plan of Arrangement, each Shareholder (other than those Shareholders who have duly and validly exercised and not withdrawn their dissent rights and the Purchaser or any of its affiliates) will receive, for all Common Shares held by such Shareholder immediately prior to the effective time of the Arrangement, either: (i) 0.0425 of a common share in the capital of the Purchaser for all such Common Shares held or, (ii) $0.50 in cash for all such Common Shares held.
At the Company Meeting, the special resolution approving the Arrangement was approved by 96.02% of the Shareholders and 84.42% of the Shareholders excluding any votes of the Purchaser and its affiliates and any other Shareholders whose votes were required to be excluded in accordance with Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. A total of 48,213,373 Common Shares were voted at the Company Meeting, representing approximately 73.91% of the issued and outstanding Common Shares as of the record date of January 20, 2026.
A report of voting results for the Company Meeting is available on the Company's issuer profile on SEDAR+ at sedarplus.ca.
Assuming that all remaining approvals are obtained and all other remaining conditions precedent to the completion of the Arrangement are satisfied or waived, the Company anticipates that the Arrangement will be completed on or about March 17, 2026, following which it is expected that the Common Shares will be delisted from the Toronto Stock Exchange. Completion of the Arrangement remains subject to, among other things, satisfaction of all conditions precedent to the completion of the Arrangement, including the final approval of the Supreme Court of British Columbia (the "Court"). The hearing for the final order of the Court to approve the Arrangement is expected to take place on March 11, 2026. Further details regarding the Arrangement are set out in the management information circular, which is available under the Company's issuer profile on SEDAR+ at sedarplus.ca.