- Through the jungle, through the dark
- KIJHL: Critical Creston Valley clash
- UPDATED: Suspect leads RCMP on day-long manhunt
- Report shows steady decline in substance abuse in local youth
- Injuries and substance abuse down for local youth: study
- Police searching for break-in suspect in Southview neighourhood
- Dalke wraps up Extreme Huntress experience
- New boutique reviving fashion for all
- A musical look at show business life
- Men, women and the existence of God
- Le Vent du Nord at the KCT
- Our Town
Brookfield Asset Management cuts stake in WEF
By The Canadian Press
VANCOUVER - Western Forest Products Inc. (TSX:WEF) said Wednesday that Brookfield Asset Management (TSX:BAM.A) is reducing its stake in the forestry company.
Under a secondary offering announced after the close of trading, Brookfield Special Situations Management has agreed to sell 40 million shares at a price of $2.50 per share.
The underwriters have also been granted an over-allotment option for an additional six million shares at the same price.
Brookfield holds 113,960,052 shares in Western Forest Products, representing a 29 per cent stake.
Following the offering, Brookfield' stake will drop to about 19 per cent or about 17 per cent if the over-allotment option is fully exercised.
Western Forest Products has eight sawmills and three remanufacturing plants in B.C.
Shares in the company closed up two cents at $2.60 on the Toronto Stock Exchange on Wednesday.