Rayonier Announces $100 Million Share Repurchase Program
16 Junho 2015 - 9:24AM
Business Wire
Rayonier (NYSE:RYN) announced today that the company’s board of
directors has approved the repurchase of up to $100 million of the
company’s common shares. Repurchases may be made at management’s
discretion from time to time on the open market or through
privately negotiated transactions. The repurchase program has no
time limit and may be suspended for periods or discontinued at any
time.
"This share repurchase authorization is an important component
of our capital allocation plan, underscores our commitment to
creating value for shareholders, and demonstrates our conviction in
the underlying net asset value of the company relative to the
current share price," said David L. Nunes, president and CEO.
The company had approximately 126,900,000 common shares
outstanding as of May 31, 2015.
About Rayonier
Rayonier is a leading timberland real estate investment trust
with assets located in some of the most productive timber growing
regions in the U.S. and New Zealand. As of March 31, 2015, Rayonier
owned, leased or managed approximately 2.7 million acres of
timberlands located in the U.S. South (1.9 million acres), U.S.
Pacific Northwest (368,000 acres) and New Zealand (445,000 acres).
More information is available at www.rayonier.com.
This press release contains forward-looking statements, as
defined by the Private Securities Litigation Reform Act of 1995 and
other federal securities laws, related to the company’s plans with
respect to share repurchases, the timing and number of common
shares to be repurchased, the types of transactions through which
common shares may be repurchased and the availability of such
common shares for general corporate purposes, which involve, among
other things, uncertainties inherent in business and financial
planning. These forward-looking statements are identified by the
use of words such as “may,” “will,” “should,” “expect,” “estimate,”
“believe,” “intend,” “project,” “anticipate” and other similar
language. However, the absence of these or similar words or
expressions does not mean that a statement is not forward-looking.
While management believes that these forward-looking statements are
reasonable when made, forward-looking statements are not guarantees
of future performance or events and undue reliance should not be
placed on these statements. The reader is cautioned not to rely on
these forward-looking statements. If underlying assumptions prove
inaccurate or known or unknown risks or uncertainties materialize,
actual results could vary materially from the expectations and
projections of Rayonier. Risks and uncertainties include the
company’s ability to effect repurchases under the share repurchase
program due to changes in its stock price, the nature of other
investment opportunities the company may have from time to time,
the company’s access to the capital markets, anticipated financial
outcomes, business and market conditions, outlook, expected
dividend rate and the implementation of the company’s business
strategies and other similar outcomes relating to the company’s
future events, developments or financial or operational performance
or results. For additional factors that could impact future
results, please see Item 1A — Risk Factors in the company’s most
recent Annual Report on Form 10-K and similar discussions included
in other reports that we subsequently file with the Securities and
Exchange Commission (the “SEC”). Forward-looking statements are
only as of the date they are made, and the Company undertakes no
duty to update its forward- looking statements except as required
by law. You are advised, however, to review any further disclosures
we make on related subjects in our subsequent reports filed with
the SEC.
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version on businesswire.com: http://www.businesswire.com/news/home/20150616005979/en/
RayonierInvestors: Mark McHugh, 904-357-3757Media: Roseann
Wentworth, 904-347-9185
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