VANCOUVER, B.C. – Canfor Corporation has announced it will remain a public company after Great Pacific Capital Corporation failed to win the approval of the company’s minority shareholders for a privatization arrangement agreement.
Based on the Canfor shareholder votes cast by proxy prior to the December 16 proxy cut off, the “majority of the minority” vote required to approve the arrangement was not achieved.
According to Canfor, approximately 45 percent of the votes cast by proxy by minority shareholders as at the proxy cutoff were in favour of the arrangement.
The special meeting of Canfor shareholders, scheduled for Wednesday, December 18, has been cancelled.
Canfor says it plans to continue to diversify its business and pursue growth strategies in positioning itself for long-term success and sustainability.
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