08/09/2013 11:41 EDT | Updated 10/09/2013 05:12 EDT

International Forest Products to have a single class of shares after conversion

VANCOUVER - International Forest Products Ltd. (TSX:IFP.A) says it is getting rid of its multiple voting shares and will have a single class of common shares.

The forestry company says its controlling shareholder, Sauder Industries Ltd., plans to convert its multiple voting shares to class A subordinate voting shares on a share for share basis.

Sauder, which will not receive a cash or non-cash consideration for the change, plans to distribute the shares after the conversion to its individual shareholders.

Sauder chairman and chief executive Lawrence Sauder says the decision is related to internal financial planning considerations.

He intends to remain as chairman of Interfor's board of directors.

Interfor has lumber operations Canada and the United States.