TORONTO, Sept. 15, 2010 /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 to enable it to purchase up to 2,176,198 of its common shares, representing approximately 5% of Norbord's issued and outstanding common shares of 43,523,979 as of August 31, 2010, pursuant to TSX rules.
Purchases under the bid may commence on September 17, 2010 and will terminate on the earlier of September 16, 2011, 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 during the last six calendar months was 198,414 common shares. Daily purchases of common shares will not exceed 49,604 shares, subject to the Corporation's ability to make "block" purchases under the rules of the TSX.
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 Inc. is an international producer of wood-based panels with assets of $1.0 billion, employing approximately 1,950 people at 14 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.
For further information: For further information:
Senior Vice President & Chief Financial Officer
Tel. (416) 365-0705