MONTREAL, Nov. 19, 2021 /CNW Telbec/ - METRO INC. (TSX:
MRU) announces that it is renewing its normal course issuer bid
program and that such renewal has been approved by the Toronto
Stock Exchange. The Corporation decided to renew the issuer bid
program as an additional option for using excess funds. Thus, the
Corporation will be able to repurchase, in the normal course of
business, between November 25, 2021
and November 24, 2022, up to
7,000,000 of its Common Shares representing approximately 2.9%
of its issued and outstanding shares on November 11, 2021. On November 11, 2021, there were 241,844,026 issued
and outstanding shares of which 198,850,494 were part of the
outstanding public float of the Corporation. The average daily
trading volume of the Corporation's Common Shares over the last six
(6) completed months was 408,835 shares.
Accordingly, under the Toronto Stock Exchange Requirements, the
Corporation is entitled on any trading day to purchase up to
102,208 Common Shares subject to the Toronto Stock Exchange
Requirements regarding block purchases. Repurchases will be made
through the facilities of the Toronto Stock Exchange at market
price, in accordance with its policies and regulations, or through
the facilities of alternative trading systems as well as by other
means as may be permitted by a securities regulatory authority,
including by private agreements. The Common Shares so repurchased
will be cancelled. Purchases made by way of private agreements
under an issuer bid exemption order issued by a securities
regulatory authority will be at a discount to the prevailing market
price as provided in the exemption order.
Under the existing normal course issuer bid program, which is
for the period from November 25, 2020
to November 24, 2021, the Corporation
repurchased 8,500,000 Common Shares, which represents the totality
of the Common Shares the Corporation was authorized to repurchase,
at a weighted average price of $58.55
per share for a total of $497,700,657. Repurchases were made through the
facilities of the Toronto Stock Exchange at market price, in
accordance with its policies and regulations, and through the
facilities of alternative trading systems.
METRO INC.
With annual sales of $18 billion,
METRO Inc. is a food and pharmacy leader in Québec and Ontario. As a retailer, franchisor,
distributor, and manufacturer, the company operates or services a
network of some 950 food stores under several banners including
Metro, Metro Plus, Super C and Food Basics, as well as some 650
drugstores primarily under the Jean Coutu, Brunet, Metro Pharmacy
and Food Basics Pharmacy banners, providing employment to almost
90,000 people. For more details, visit corpo.metro.ca.
SOURCE METRO INC.