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Recent news »

Jan 19, 2021
WEST FRASER AND NORBORD ANNOUNCE SHAREHOLDER APPROVAL OF WEST FRASER’S ACQUISITION OF NORBORD AND JOINT EARNINGS CALL ON 2020 WEST FRASER AND NORBORD STANDALONE RESULTS

Full Story   Newswire

Dec 21, 2020
WEST FRASER AND NORBORD ANNOUNCE MAILING OF CIRCULARS FOR SPECIAL MEETINGS OF SHAREHOLDERS

Full Story   Newswire

Dividends

On April 29, 2013, the Company’s Board of Directors approved a variable dividend policy which targets the payout to shareholders of a portion of free cash flow through the cycle. The Company’s intention is that the dividend will reflect the cyclicality, not the seasonality, of the business.

The amount of future dividends under the Company’s dividend policy, and the declaration and payment thereof, will be based upon the Company’s financial position, results of operations, cash flow, capital requirements and restrictions under the Company’s revolving bank lines, as well as the market outlook for the Company’s principal products and broader market and economic conditions, among other factors, and shall be in compliance with applicable law. The Board retains the discretion to amend the Company’s dividend policy in any manner and at any time as it may deem necessary or appropriate in the future. For these reasons, as well as others, the Board, in its sole discretion can decide to increase, maintain, decrease, suspend or discontinue the payment of cash dividends in the future.

Registered and beneficial shareholders may opt to receive their dividends in either Canadian dollars or the US dollar equivalent. Unless they request the US dollar equivalent, shareholders will receive dividends in Canadian dollars. The US dollar equivalent of the dividend will be based on the Bloomberg FX Fixings Service (BFIX) noon exchange rate on the record date or, if the record date falls on a weekend or holiday, on the BFIX noon exchange rate of the preceding business day.

Registered shareholders wishing to receive the US dollar dividend equivalent should contact Norbord’s transfer agent, AST Trust Company (Canada), by phone at 1-800-387-0825 or by email at inquiries@canstockta.com. Beneficial shareholders (i.e., those holding their Norbord shares with their brokerage) should contact the broker with whom their shares are held.

Dividend Reinvestment Plan

Norbord has a Dividend Reinvestment Plan that enables Canadian resident shareholders to reinvest their cash dividends in additional common shares. For further information, please click on the following link to access the Plan information through AST Trust Company, our transfer agent.

https://www.canstockta.com/en/InvestorServices/Investor_Information/Issuer_List/IssuerDetail.jsp?companyCode=5098

Eligible Dividend Information

For purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation, all dividends paid by Norbord Inc. on our common shares in the 2006 calendar year, are designated as “eligible dividends”. Unless stated otherwise, all dividends paid by Norbord Inc. on our common shares after 2006 will be designated as “eligible dividends” for the purposes of these rules.

Dividend Record and Payment Dates

Record Date : 1st day of March, June, September and December.
(Note: If the first day is not a business day, the Record Date will be the previous business day)
Payment Date : The 21st day of March, June, September and December.
(Note: If the Payment Date is not a business day, the payment will be made on the next business day)

Dividend History – Norbord Dividends on Common Shares

On November 10, 2008, Norbord announced that its Board of Directors had suspended the quarterly dividend. This decision was made in response to the unprecedented financial market turmoil and uncertainty regarding the near-term recovery of US housing starts. The dividend suspension saves the Company approximately $56 million on an annual basis or $14 million per quarter, based on the average exchange rate in effect during 2008. The last dividend payment before the suspension was made on December 21, 2008 to shareholders of record on December 1, 2008.

Norbord is a leading global manufacturer of wood-based panels with assets of US $1.9 billion and annual sales of approximately US $1.7 billion. Norbord has 17 operations in the United States, Europe and Canada.