@lifeisgood1010.  I agree with your thinking.  I believe under SEDI's rules, an insider has to report any purchases/sales within 5 days of the transaction, unless an exemption is granted.  I understand that companies who are the issuer can get an exemption to report the previous month's transactions no later than 10 days following the end of the next month.  So Canfor could still be making purchases in July but may only have to report the July purchases by August 10th.

Nevertheless, their buybacks under the NCIB that they're doing is quite weak.  In June, Canfor purchased roughly 2,041,000 at an average price around $23.50 for a total of lets say round numbers $50 million.  Pretty small when they have $1.2 billion in cash that they're sitting on at the end of q1.  That cash pile is probably closer to $1.5-1.7 billion now.

I think their NCIB share repurchases was just to signal to the market that they think their shares are undervalued while they tried to go after Resolute but failed.  They're not really committed to buying back their shares.

Jimmy has to do something with that cash pile though.  Interfor is down 38% from its 52 week high.  I don't think West Fraser would let him beat them to Interfor.  West Fraser hates Jimmy.  They implemented poison pill provisions when his holdings got over 10% a while back.  If West Fraser takes over Interfor, that would not leave Canfor with much other sizable players to acquire in the US South.  They would have to go greenfield which would put them at a disadvantage to the significantly bigger and more diversified West Fraser.