UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2022
Commission File No. 001-39974
WEST FRASER TIMBER CO. LTD.
(Translation of registrants name into English)
501- 858 Beatty Street
Vancouver, British Columbia
Canada V6B 1C1
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
Form 20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) ☐
SUBMITTED HEREWITH
Exhibits |
||
99.1 | News release dated June 8, 2022 re: West Fraser Increases Quarterly Dividend | |
99.2 | Material Change Report dated June 7, 2022 |
-2-
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: June 8, 2022
WEST FRASER TIMBER CO. LTD. |
/s/ Christopher A. Virostek |
Christopher A. Virostek |
Vice-President, Finance and Chief Financial Officer |
Exhibit 99.1
For Immediate Release
WEST FRASER INCREASES QUARTERLY DIVIDEND
VANCOUVER, B.C., June 8, 2022 West Fraser Timber Co. Ltd. (West Fraser or the Company) (TSX and NYSE: WFG) has declared a quarterly dividend of US$0.30 per share on the Common shares and Class B Common shares in the capital of the Company, payable on July 8, 2022 to shareholders of record on June 22, 2022. The quarterly dividend has been increased from the prior US$0.25 per share in order to distribute a substantially similar amount of capital to investors through the dividend in light of the share count reduction resulting from execution of the current normal course issuer bid as well as completion of the recent substantial issuer bid.
Providing a sustainable quarterly dividend remains a key priority within West Frasers capital allocation strategy, and we are pleased to increase our dividend this quarter and to have completed the recent actions weve taken to return capital to our shareholders, said Ray Ferris, West Frasers President & CEO.
Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.
Dividends are declared and payable in U.S. dollars. Shareholders may elect to receive their dividends in Canadian dollars. Details regarding the election procedure are available on our website at www.westfraser.com in the Investors/Stock Information/Dividends section.
30
About West Fraser
West Fraser is a diversified wood products company with more than 60 facilities in Canada, the United States, the United Kingdom, and Europe. From responsibly sourced and sustainably managed forest resources, the Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, other residuals, and renewable energy. West Frasers products are used in home construction, repair and remodelling, industrial applications, papers, tissue, and box materials.
Forward-Looking Statements
This news release contains forward-looking information or forward-looking statements (collectively, forward-looking statements) within the meaning of applicable Canadian and U.S. securities laws, including statements relating to our capital allocation strategy and the sustainability of our quarterly dividend. Any such forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends and current conditions. Readers should also refer to the risk factors set forth in the Companys annual information form and managements discussion and analysis for the year ended December 31, 2021, each dated February 15, 2022, available at SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml). There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will be realized. Actual results may differ, and the difference may be material and adverse to the Company and its shareholders.
For More Information
Investor Contact
Robert B. Winslow, CFA
Director, Investor Relations & Corporate Development
Tel. (416) 777-4426
shareholder@westfraser.com
Media Contact
Joyce Wagenaar
Director, Communications
Tel. (604) 817-5539
shareholder@westfraser.com
Exhibit 99.2
Form 51102F3
Material Change Report
Item 1. |
Name and Address of Company | |
West Fraser Timber Co. Ltd. (West Fraser or the Company) | ||
858 Beatty Street, Suite 501 | ||
Vancouver, BC | ||
V6B 1C1 | ||
Item 2. |
Date of Material Change | |
June 6, 2022 | ||
Item 3. |
News Release | |
A news release in respect of the material change was disseminated via Canada Newswire on June 7, 2022 prior to market open. The news release was also filed with each of the Canadian securities regulatory authorities on SEDAR and with the US Securities Exchange Commission on EDGAR. | ||
Item 4. |
Summary of Material Change | |
On June 7, 2022, West Fraser announced the completion of its substantial issuer bid (the SIB) pursuant to which it has, effective June 6, 2022, taken up and purchased for cancellation a total of 11,898,205 common shares (the Shares) at a price of US$95 per Share under the SIB which commenced on April 26, 2022. | ||
Item 5. |
Full Description of Material Change | |
5.1 |
Full Description of Material Change | |
On June 7, 2022, West Fraser announced the completion of the SIB pursuant to which it has taken up and purchased for cancellation a total of 11,898,205 Shares under the SIB. The Shares were purchased for an aggregate purchase price of US$1.13 billion and represented approximately 11.7% of the total number of the Companys issued and outstanding Shares and Class B shares at the time the SIB was announced in late April 2022. After giving effect to the SIB, the Company will have 87,473,547 Shares and 2,281,478 Class B shares issued and outstanding. No Class B shares were purchased under the SIB. | ||
Payment for the purchased Shares will be effected by Computershare Investor Services Inc., the depositary for the SIB, by June 9, 2022 in accordance with the SIB and applicable law. |
All shareholders who made auction tenders and purchase price tenders will have 100% of their successfully tendered Shares purchased by West Fraser at the purchase price. | ||
5.2 |
Disclosure for Restructuring Transactions | |
Not applicable. | ||
Item 6. |
Reliance on subsection 7.1(2) of National Instrument 51102 | |
Not applicable. | ||
Item 7. |
Omitted Information | |
None. | ||
Item 8. |
Executive Officers | |
Christopher Virostek | ||
Vice-President, Finance and Chief Financial Officer | ||
+1 (604) 895-2745 | ||
Item 9. |
Date of Report | |
June 7, 2022 |