JACKSONVILLE, Fla.--(BUSINESS WIRE)--Jun. 16, 2015--
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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Source: Rayonier
Rayonier
Investors: Mark McHugh, 904-357-3757
Media: Roseann
Wentworth, 904-347-9185