FIL Reports 8.82M Shares (11.5%) in West Fraser Timber Co. Ltd

Rhea-AI Filing Summary

FIL Limited, together with Pandanus Partners, L.P. and Pandanus Associates, Inc., reports beneficial ownership of 8,819,476 shares of West Fraser Timber Co Ltd common stock, representing 11.5% of the class. FIL Limited holds sole voting power on 8,214,482 shares and sole dispositive power on 8,819,476 shares. The Pandanus entities are reported with sole dispositive power on 8,819,476 shares and no voting power. The filing includes a certification that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

Positive

• Clear disclosure of a substantial 11.5% ownership position (8,819,476 shares) improving transparency for investors
• Filer certification that shares are held in the ordinary course and not to influence control, consistent with passive 13G treatment

Negative

• None.

Insights

Financial Analyst

TL;DR: A disclosed 11.5% passive stake by FIL and affiliates is material but classified as non-control under the filer certification.

The filing shows a sizable 11.5% ownership position in West Fraser (8,819,476 shares). FIL Limited reports meaningful sole voting and dispositive powers on most of those shares, while its Pandanus affiliates are recorded with dispositive power only. The statement in Item 10 explicitly certifies the stake is held in the ordinary course of business and not to influence control, consistent with Schedule 13G reporting. For investors, this clarifies ownership concentration without a declared intent to pursue control or a strategic change.

Corporate Governance Expert

TL;DR: The disclosure signals concentrated ownership but asserts passive intent; governance implications depend on whether activist intent changes.

The schedule identifies FIL Limited and related entities as >5% holders, with FIL recording both voting and dispositive powers on most shares and Pandanus entities showing sole dispositive power. The filing includes the required certification that the position is not held to influence control, which keeps this within passive investor reporting norms. From a governance perspective, the current filing does not indicate a challenge to management or board composition; any future change in intent would require different reporting.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

WEST FRASER TIMBER CO LTD

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

952845105

(CUSIP Number)

08/29/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 952845105

1

Names of Reporting Persons

FIL Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,214,482.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,819,476.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,819,476.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.5 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 952845105

1

Names of Reporting Persons

Pandanus Partners, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,819,476.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,819,476.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 952845105

1

Names of Reporting Persons

Pandanus Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,819,476.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,819,476.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.5 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: WEST FRASER TIMBER CO LTD
(b)	Address of issuer's principal executive offices: 885 WEST GEORGIA STREET,SUITE 1500,VANCOUVER,A1,CA,V6C 3E8
Item 2.
(a)	Name of person filing: FIL Limited
(b)	Address or principal business office or, if none, residence: Pembroke Hall, 42 Crow Lane, Hamilton, Bermuda, HM19
(c)	Citizenship: Not applicable
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 952845105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Please see Exhibit 99.
Item 4.	Ownership
(a)	Amount beneficially owned: 8819476.00
(b)	Percent of class: 11.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Please see the responses to Items 5 and 6 on the cover page.
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 8819476.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. One or more other persons are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the COMMON STOCK of WEST FRASER TIMBER CO LTD. No one other person's interest in the COMMON STOCK of WEST FRASER TIMBER CO LTD is more than five percent of the total outstanding COMMON STOCK.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See attached Exhibit 99.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

FIL Limited

Signature:	Stephanie J. Brown
Name/Title:	Duly authorized under Power of Attorney effective as of December 19, 2022, by and on behalf of FIL Limited and its direct and indirect subsidiaries*
Date:	09/05/2025

Pandanus Partners, L.P.

Signature:	Stephanie J. Brown
Name/Title:	Duly authorized under Power of Attorney effective as of December 19, 2022, by Pandanus Associates, Inc. on behalf of Pandanus Partners, L.P.*
Date:	09/05/2025

Pandanus Associates, Inc.

Signature:	Stephanie J. Brown
Name/Title:	Duly authorized under Power of Attorney effective as of December 19, 2022, by and on behalf of Pandanus Associates, Inc.*
Date:	09/05/2025

Comments accompanying signature: This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FIL Limited on January 31, 2023, accession number: 0000318989-23-000005.

Exhibit Information

Please see Exhibit 99 for 13d-1(k) (1) agreement.

FAQ

How many West Fraser (WFG) shares does FIL Limited report owning?

The filing reports 8,819,476 shares beneficially owned, representing 11.5% of the class.

What voting and dispositive powers does FIL Limited hold over WFG shares?

FIL Limited reports sole voting power on 8,214,482 shares and sole dispositive power on 8,819,476 shares.

What role do Pandanus Partners and Pandanus Associates have in this ownership?

Pandanus Partners, L.P. and Pandanus Associates, Inc. are reported with sole dispositive power on 8,819,476 shares and no voting power.

Does the filing indicate an intent to influence control of West Fraser?

No. Item 10 contains a certification that the securities are held in the ordinary course of business and not to change or influence control.

Is this a Schedule 13G or 13D disclosure and what does that imply?

This is a Schedule 13G filing (amendment), which is used for passive investors holding more than 5% and indicates no intent to exert control per the certification.