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Friday, 06 March 2020 14:06

Resolute Announces Share Repurchase Program

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abiti122011Resolute Forest Products Inc. has just announced that its board of directors authorized the repurchase of up to 15% of the company's common stock for aggregate consideration of up to $100 million. Repurchase transactions will be funded using the company's sources of liquidity.

"Having recently exhausted our previous repurchase program, it is appropriate to introduce a new program to be ready to act opportunistically to return capital to shareholders when conditions are right," said Yves Laflamme, president and chief executive officer. "We believe that proper capital allocation is a top priority and that it must be done in a disciplined manner. Accordingly, we intend to strike a balance between value-creating opportunities such as high-return projects with opportunities to return excess capital to shareholders."

Under the new share repurchase program, the company is authorized to repurchase from time to time shares of its outstanding common stock on the open market or in privately negotiated transactions in the United States. The timing and amount of stock repurchases will depend on a variety of factors, including the market conditions as well as corporate and regulatory considerations. The share repurchase program may be suspended, modified or discontinued at any time, and the company has no obligation to repurchase any amount of its common stock under the program. The repurchase program has no set expiration date. The company intends to make all repurchases in compliance with applicable regulatory guidelines and to administer the plan in accordance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended.

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    About Resolute Forest Products

    Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products, newsprint and specialty papers, which are marketed in close to 70 countries. The company owns or operates some 40 facilities, as well as power generation assets, in the United States and Canada. Resolute has third-party certified 100% of its managed woodlands to internationally recognized sustainable forest management standards. The shares of Resolute Forest Products trade under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange.

    Resolute has received regional, North American and global recognition for its leadership in corporate social responsibility and sustainable development, as well as for its business practices. Visit www.resolutefp.com for more information.

    SOURCE Resolute Forest Products Inc.

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