Resolute Announces Share Repurchase Program
Resolute Forest Products announced a new share repurchase program, authorizing up to $100 million or 10 million shares. This follows the completion of a previous program where 11.5 million shares were repurchased for $78.3 million, equating to 15% of outstanding shares. The company plans to use its liquidity for these transactions, emphasizing a balanced capital allocation approach aimed at enhancing shareholder value. The timing of repurchases is subject to market conditions and regulatory considerations.
- Authorization for a new repurchase program of $100 million or 10 million shares.
- Successful completion of the prior program, enhancing shareholder value by buying back 11.5 million shares.
- Commitment to a balanced capital allocation approach aimed at returning capital to shareholders.
- None.
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MONTREAL, Dec. 7, 2021 /PRNewswire/ - Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today announced that its board of directors authorized the repurchase of up to
"Today's announcement follows recent completion of the share repurchase program announced in March 2020, under which we repurchased 11.5 million shares for
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 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-8 of the Securities Exchange Act of 1934, as amended.
Cautionary Statements Regarding Forward-Looking Information
Statements in this press release that are not reported financial results or other historical information of Resolute Forest Products Inc. (with its subsidiaries, "we," "our," "us" or the "company") are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They include, for example, statements relating to the company's intention to repurchase shares of its common stock from time to time under its stock repurchase program and the source of funding therefor. Forward-looking statements may be identified by the use of forward-looking terminology such as the words "should," "would," "could," "will," "may," "expect," "believe," "see," "anticipate," "continue," "generate," "allow," "maintain," "build," "drive," and other terms with similar meaning indicating possible future events or potential impact on our business or our shareholders.
The reader is cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future performance. These statements are based on management's current assumptions, beliefs, and expectations, all of which involve a number of business risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, among other things, the market price of the company's stock prevailing from time to time, the nature of other investment opportunities presented to the company, the company's financial performance and its cash flows from operations, general economic conditions, which could adversely affect the company's results of operations and cash flows. Additional information regarding factors that may cause actual results to differ materially from these forward-looking statements are set forth under Part I, Item 1A, "Risk Factors," of our annual report on Form 10-K for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission (or, the "SEC") on March 1, 2021, which have been heightened by the COVID-19 pandemic, including related governmental responses and economic impacts, market disruptions and resulting changes in consumer habits.
All forward-looking statements in this press release are expressly qualified by the cautionary statements contained or referred above and in the company's other filings with the SEC and the Canadian securities regulatory authorities. The company disclaims any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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 and papers, which are marketed in over 50 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
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.
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SOURCE Resolute Forest Products Inc.
FAQ
What is the new share repurchase program for Resolute Forest Products (RFP)?
How much did Resolute Forest Products spend on its previous share buyback program?
What is the purpose of the new stock buyback by Resolute Forest Products?
When will Resolute Forest Products begin repurchasing shares under the new program?
Is there a set expiration date for Resolute Forest Products' repurchase program?
