TORONTO, Feb. 1, 2013 /CNW/ - Norbord Inc. (TSX: NBD, NBD.WT) announced
today that the Toronto Stock Exchange (the "TSX") has accepted its
notice of intention to conduct a normal course issuer bid in accordance
with TSX rules. Under the bid, Norbord may purchase up to 2,198,341 of
its common shares, representing approximately 5% of the Company's
issued and outstanding common shares of 43,966,827 as of January 22,
2013, pursuant to TSX rules.
Purchases under the bid may commence on February 5, 2013, and will
terminate on the earlier of February 4, 2014, the date Norbord
completes its purchases pursuant to the notice of intention to make a
normal course issuer bid filed with the TSX or the date of notice by
Norbord of termination of the bid. Purchases will be made on the open
market by Norbord through the facilities of the TSX in accordance with
the requirements of the TSX. The price that Norbord will pay for any
such common shares will be the market price of such shares on the TSX
at the time of acquisition. Common shares purchased under the bid will
be cancelled. Norbord's average daily trading volume on the TSX during
the last six calendar months was 113,890 commonshares. Daily purchases of common shares will not exceed 28,472
shares, subject to the Company's ability to make "block" purchases
under the rules of the TSX. No share purchases were made under the
Company's previous normal course issuer bid that expired on December
20, 2012.
Norbord believes that the market price of its common shares at certain
times may be attractive and that the purchase of these shares from time
to time would be an appropriate use of Norbord's funds in light of
potential benefits to remaining shareholders.
Norbord Profile
Norbord Inc. is an international producer of wood-based panels with
assets of $1 billion, employing approximately 1,900 people at 13 plant
locations in the United States, Europe and Canada. Norbord is one of
the world's largest producers of oriented strand board (OSB). In
addition to OSB, Norbord manufactures particleboard, medium density
fibreboard (MDF) and related value-added products. Norbord is a
publicly-traded company listed on the Toronto Stock Exchange under the
symbols NBD and NBD.WT.
SOURCE: Norbord Inc.
