West Fraser Timber Co. Ltd. (“West Fraser” or the “Company”) (TSX: WFT) announced, in accordance with Toronto Stock Exchange requirements, the voting results from its Annual General Meeting held Tuesday, May 26, 2020 in Vancouver, British Columbia.
Voting Results for the Election of Directors
A total of 54,738,552 Common shares and Class B Common shares were voted at the meeting, representing 80% of the votes attached to all outstanding shares. Shareholders voted in favour of all items of business before the meeting, including the election of all director nominees as follows:
|Director||Percentage of Votes in Favour|
|Reid E. Carter||98|
|John N. Floren||99|
|Brian G. Kenning||99|
|John K. Ketcham||99|
|Gerald J. Miller||98|
|Robert L. Phillips||93|
|Janice G. Rennie||98|
|Gillian D. Winckler||99|
Detailed voting results for the meeting are available on SEDAR at www.sedar.com.
Update on Business Operations
Since the middle of March and throughout April in response to rapidly changing market demand and to comply with mandated and recommended health and safety guidelines related to the COVID-19 pandemic, we significantly reduced lumber and plywood production. During May we have substantially resumed lumber and plywood production with only a few facilities operating at less than full schedules. Our downtime at Cariboo Pulp was slightly extended to bring forward planned maintenance from the fall. Cariboo Pulp is in the process of restarting operations this week. We will continue to adjust our operating schedules in both the U.S. and Canada as necessary.
In respect of lumber, both prices and volumes have rebounded compared to the end of the first quarter, particularly for SYP. Notably, demand for repair and remodel and treating applications appears to have been very resilient. We do expect that demand for our wood products will be volatile over at least the balance of the year in response to the ongoing economic and other impacts of the COVID-19 pandemic. For our pulp operations, tissue demand has been strong but the impact of reduced demand for printing and writing applications is starting to materialize.
Compared to the end of the first quarter, available liquidity has improved and inventories, particularly logs and lumber, have been significantly reduced. The previously announced Dudley, Georgia sawmill complete rebuild project remains on schedule.
West Fraser is a diversified wood products company producing lumber, LVL, MDF, plywood, pulp, newsprint, wood chips, other residuals, and energy with facilities in western Canada and the southern United States.
West Fraser shares trade on the Toronto Stock Exchange under the symbol: “WFT”.
For more information:
Chris Virostek, Vice-President, Finance and Chief Financial Officer