Sino-Forest Corp - News Release
Sino-Forest to make normal course issuer bid
Sino-Forest Corp TRE.A
Shares issued 66,042,900 Nov 22 close $1.74
Tue 23 Nov 99 News Release
Mr. Allen Chan reports
The Toronto Stock Exchange has approved a notice of intention to make a
normal course issuer bid which was previously filed by Sino-Forest with the
TSE.
Pursuant to the terms of the bid, Sino-Forest will purchase for
cancellation its own Class A subordinate voting shares through the
facilities of the TSE at the prevailing market price of the subordinate
voting shares. The number of subordinate voting shares purchased by
Sino-Forest will in no event be in excess of 5 per cent of the issued and
outstanding subordinate voting shares at the date the bid commences, being
approximately 3,741,361 subordinate voting shares of the 74,827,228 issued
and outstanding subordinate voting shares. Sino-Forest will effect
purchases at varying times commencing Nov. 25, 1999, and continuing for a
maximum period of one year (being Nov. 24, 2000).
Commenting on Sino-Forest's intentions, Kee Y. Wong, executive
vice-president and chief financial officer, said: "We believe tha the
underlying value of Sino-Forest's subordinate voting shares is not
reflected in the current market prices. Therefore, we feel that a share
repurchase program provides excellent value for our shareholders at this
time by reducing the number of shares outstanding at attractive prices."
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