TORONTO, Oct. 13, 2009 /CNW/ - Norbord Inc. (TSX:NBD; NBD.WT) announced today its Board of Directors has authorized the implementation of a share consolidation on the basis of one post-consolidation Common Share for every 10 pre-consolidation Common Shares, effective October 16, 2009 (the "Effective Date").
The approximately 432 million Common Shares of the Company currently outstanding will be reduced to approximately 43.2 million Common Shares, as approved by shareholders at the Company's annual and special meeting held on April 29, 2009. No fractional shares will be issued. Any fractions of a share will be rounded down to the nearest number of Common Shares that is a multiple of 10. The exercise or conversion price and the number of Common Shares issuable under any of the Company's outstanding warrants, stock options and deferred share units will be proportionately adjusted upon consolidation.
The share consolidation has received conditional approval from the Toronto Stock Exchange ("TSX").
The Company's Common Shares will continue to be traded on the TSX under the symbol "NBD" on a post-consolidation basis, under a new CUSIP number - 65548P403. Norbord's Common Shares are expected to begin trading on a post-consolidation basis on the TSX when markets open on October 21, 2009.
Norbord has retained its transfer agent, CIBC Mellon Trust Company to act as exchange agent for the share consolidation. Shareholders of record as at the Effective Date will receive a letter of transmittal providing instructions for the exchange of their Common Shares as soon as practicable following the Effective Date.
Norbord Inc. is an international producer of wood-based panels with assets of $1.0 billion, employing approximately 2,500 people at 15 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), hardwood plywood and related value-added products. Norbord is a publicly traded company listed on the TSX under the symbols NBD and NBD.WT.
This news release contains forward-looking statements, as defined in applicable legislation. Often, but not always, words such as "will be," "would be," "believe," "will," "expect," "expects," "expected," "forecast," "estimate," "estimates," "estimated," "likely," "may," "intends" 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. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: general economic conditions; risks inherent with product concentration; effects of competition and product pricing pressures; risks inherent with customer dependence; effects of variations in the price and availability of manufacturing inputs; risks inherent with a capital intensive industry; and other risks and factors described from time to time in filings with Canadian securities regulatory authorities.
Except as required by applicable laws, Norbord does not undertake to update any forward-looking statements, 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 "Caution Regarding Forward-Looking Information" statement in the March 2, 2009 Annual Information Form and the cautionary statement contained in the "Forward-Looking Statements" section of the 2008 Management's Discussion and Analysis dated January 29, 2009.
SOURCE Norbord Inc.
For further information: For further information: Anita Veel, Director, Corporate and Regulatory Affairs, Norbord Inc., Tel.: (416) 643-8838, E-mail: firstname.lastname@example.org; Web site: www.norbord.com; CIBC Mellon Trust Company, Transfer Agent & Registrar, Tel.: (416) 643-5500 or 1 (800) 387-0825, E-mail: email@example.com