Canfor Pulp announces Special Meeting results

VANCOUVER, British Columbia, March 06, 2026 (GLOBE NEWSWIRE) -- Canfor Pulp Products Inc. (TSX: CFX) (“Canfor Pulp” or the “Company”) is pleased to announce that at the special meeting (the “Company Meeting”) of the holders of common shares (the “Shareholders”) in the capital of the Company (the “Common Shares”) held earlier today, the Shareholders voted in favour of approving the special resolution authorizing the previously announced arrangement (the “Arrangement”) whereby Canfor Corporation (the “Purchaser”) will acquire all of the issued and outstanding Common Shares that it and its affiliates do not already own by way of a statutory plan of arrangement (the “Plan of Arrangement”)

Pursuant to the Plan of Arrangement, each Shareholder (other than those Shareholders who have duly and validly exercised and not withdrawn their dissent rights and the Purchaser or any of its affiliates) will receive, for all Common Shares held by such Shareholder immediately prior to the effective time of the Arrangement, either: (i) 0.0425 of a common share in the capital of the Purchaser for all such Common Shares held or, (ii) $0.50 in cash for all such Common Shares held.

At the Company Meeting, the special resolution approving the Arrangement was approved by 96.02% of the Shareholders and 84.42% of the Shareholders excluding any votes of the Purchaser and its affiliates and any other Shareholders whose votes were required to be excluded in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. A total of 48,213,373 Common Shares were voted at the Company Meeting, representing approximately 73.91% of the issued and outstanding Common Shares as of the record date of January 20, 2026.

A report of voting results for the Company Meeting is available on the Company’s issuer profile on SEDAR+ at sedarplus.ca.

Assuming that all remaining approvals are obtained and all other remaining conditions precedent to the completion of the Arrangement are satisfied or waived, the Company anticipates that the Arrangement will be completed on or about March 17, 2026, following which it is expected that the Common Shares will be delisted from the Toronto Stock Exchange. Completion of the Arrangement remains subject to, among other things, satisfaction of all conditions precedent to the completion of the Arrangement, including the final approval of the Supreme Court of British Columbia (the “Court”). The hearing for the final order of the Court to approve the Arrangement is expected to take place on March 11, 2026. Further details regarding the Arrangement are set out in the management information circular, which is available under the Company’s issuer profile on SEDAR+ at sedarplus.ca.

Forward-looking statements.

Certain statements in this press release constitute “forward-looking statements” which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. These forward-looking statements include, among others, statements relating to the completion of the Arrangement and related timing, including the expected delisting of the Common Shares, receipt of all necessary Court and regulatory approvals and the timing thereof, and the satisfaction or waiver of closing conditions for the Arrangement. Words such as “expects”, “anticipates”, “projects”, “intends”, “plans”, “will”, “believes”, “seeks”, “estimates”, “should”, “may”, “could”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on current expectations and beliefs and actual events or results may differ materially.

Although Canfor Pulp believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from the expectations of the management of Canfor Pulp, respectively, and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond Canfor Pulp’s control and the effects of which can be difficult to predict: the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required Court and regulatory approvals and other conditions of closing necessary to complete the Arrangement or for other reasons; the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Arrangement; risks relating to Canfor Pulp’s ability to retain and attract key personnel during the interim period; the possibility of litigation relating to the Arrangement; credit, market, currency, operational, liquidity and funding risks generally and relating specifically to the Arrangement, including changes in economic conditions, interest rates, commodity prices, tariffs, duties and import taxes; risks and uncertainties relating to information management, technology, supply chain, product safety, changes in law, competition, seasonality, commodity price and business; and other risks inherent to Canfor Pulp’s business and/or factors beyond its control which could have a material adverse effect on Canfor Pulp or the ability to consummate the Arrangement. With respect to the forward-looking statements contained in this news release, Canfor Pulp has made numerous assumptions regarding, among other things, the ability of Canfor Corp and Canfor Pulp to satisfy all of the closing conditions to complete the Arrangement and the non-occurrence of the risks and uncertainties that are described in the public filings of Canfor Pulp or other events occurring outside of its normal course of business.

Canfor Pulp cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause Canfor Pulp’s actual results to differ from current expectations, please refer to the “Risks and Uncertainties” section of Canfor Pulp’s Management’s Discussion & Analysis for the year ended December 31, 2025 as well as Canfor Pulp’s other public filings, available at sedarplus.ca and at canfor.com.

The forward-looking statements contained in this press release describe Canfor Pulp’s expectations at the date of this press release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, Canfor Pulp does not undertake any obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

About Canfor Pulp.

Canfor Pulp is a leading global supplier of pulp and paper products with operations in the northern interior of British Columbia. Canfor Pulp operates two mills in Prince George, British Columbia, with a total capacity of 480,000 tonnes of Premium Reinforcing Northern Bleached Softwood Kraft pulp and 140,000 tonnes of kraft paper. The Common Shares are traded on the TSX under the symbol CFX. For more information visit canfor.com.