EXPLANATORY NOTE
This Amendment No. 1 to Schedule 13D (this “Amendment No. 1”) is being filed by the Reporting Persons to report (i) open market sales of common shares, no par value (the “Common Shares”) of West Fraser Timber Co. Ltd., a British Columbia corporation (the “Issuer”) over the Toronto Stock Exchange by certain of the Reporting Persons, as set forth in Item 5(c) below, (ii) certain inter-company transactions among the Reporting Persons and (iii) the removal of Brookfield Private Equity Group Holdings LP (“BPEG”) as a Reporting Person.
Information reported in the original Schedule 13D remains in effect except to the extent that it is amended or superseded by information contained in this Amendment No. 1. This Amendment No. 1 also reflects the addition of Partners Limited (“Partners”) as a Reporting Person.
The Schedule 13D is hereby amended to delete all references to Brookfield Private Equity Group Holdings LP, as Brookfield Private Equity Group Holdings LP sold all of its Common Shares and is no longer a Reporting Person for purposes of the Schedule 13D.
Item 2. | Identity and Background. |
This Amendment No. 1 is being filed by and behalf of the Reporting Persons named in the original Schedule 13D (other than Brookfield Private Equity Group Holdings LP) and Partners. Partners shall be deemed a “Reporting Person” and Brookfield Private Equity Group Holdings LP shall no longer be deemed a “Reporting Person” for purposes of this Schedule 13D, as amended hereby. The Reporting Persons are making this single, joint filing because they may be deemed to constitute a “group” within the meaning of Section 13(d)(3) of the Act. The agreement among the Reporting Persons to file this Schedule 13D jointly (the “Joint Filing Agreement”) is attached hereto as Exhibit 99.4.
Item 2(a) of the Schedule 13D is hereby amended and supplemented to add subsection (viii) as follows:
(viii) Partners Limited (“Partners”), a corporation formed under the laws of the Province of Ontario. Partners holds 85,120 Class B limited voting shares of Brookfield (the “BAM Class B Shares”), representing 100% of such shares, and 1,343,802 Class A limited voting shares of Brookfield, representing approximately 0.1% of such shares. The BAM Class B Shares entitle Partners to appoint one half of the board of directors of Brookfield. On May 14, 2020, Brookfield announced that the BAM Class B Shares will be transferred from Partners to a trust. Implementation of this arrangement is subject to customary consents and regulatory approvals.
Item 2(b)-(c), (f) of the Schedule 13D is hereby amended and supplemented as follows:
The principal business of Partners is that of a holding company, and the principal business address of Partners is Brookfield Place, 181 Bay Street, Suite 330, Toronto, Ontario M5J 2T3, Canada.
Schedule II to this Amendment No. 1 sets forth updated names of directors and executive officers of BIC (to be included as “Scheduled Persons for purposes of this Schedule 13D) and their respective principal occupations, addresses, and citizenships. Schedule VIII to this Amendment No. 1 sets forth the names of directors and executive officers of Partners (to be included as “Scheduled Persons” for purposes of this Schedule 13D) and their respective principal occupations, addresses, and citizenships.
Item 2(d)-(e), (f) of the Schedule 13D is hereby amended and supplemented as follows:
During the last five years, none of Reporting Persons (including Partners) and, to their respective knowledge, none of the Scheduled Persons (including those in respect of Partners), has been: (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which, he, she or it was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.