Loblaw Companies Limited Announces Normal Course Issuer Bid
11 April 2012 - 9:21AM
PR Newswire (Canada)
BRAMPTON, ON, April 11, 2012 /CNW/ - - Loblaw Companies Limited
(Loblaw) announced today that the Toronto Stock Exchange (TSX) has
accepted a notice filed by Loblaw of its intention to make a normal
course issuer bid (NCIB). The TSX notice provides that Loblaw may,
during the 12-month period commencing April 13, 2012 and
terminating April 12, 2013, purchase up to 14,070,352 of Loblaw's
common shares (Common Shares), representing 5% of the 281,407,053
Common Shares outstanding as of April 2, 2012, by way of a NCIB on
the TSX. Daily purchases will be limited to 97,829 Common Shares,
other than block purchase exceptions. Purchases of Common Shares
will be made in open market transactions on the TSX. In addition,
Loblaw may enter into forward purchase or swap contracts in
connection with Common Shares which may be settled by physical
settlement, cash settlement or a combination thereof. The forward
price will be based on market price, dividend yield and market
interest rates. Decisions regarding the timing of future purchases
of Common Shares will be based on market conditions, share price
and other factors. Loblaw may elect to suspend or discontinue its
NCIB at any time. Common Shares purchased under the NCIB will be
cancelled. Loblaw believes that the market price of Common Shares
could be such that their purchase may be an attractive and
appropriate use of corporate funds. Loblaw may also use its NCIB to
acquire the number of Common Shares that are issued pursuant to the
exercise of options in order to offset the dilutive effect of
options that have been exercised. Loblaw purchased 1,076,894 Common
Shares at a weighted average price of $37.13 pursuant to its
previous NCIB. From time to time, when Loblaw does not possess
material non-public information about itself or its securities, it
may enter into a pre-defined plan with its broker to allow for the
purchase of Common Shares at times when Loblaw ordinarily would not
be active in the market due to its own internal trading blackout
periods and insider trading rules. Any such plans entered into with
the Loblaw's broker will be adopted in accordance with the
requirements of applicable Canadian securities laws. About Loblaw
Companies Limited Loblaw Companies Limited, a subsidiary of George
Weston Limited, is Canada's largest food retailer and a leading
provider of drugstore, general merchandise and financial products
and services. Loblaw is one of the largest private sector employers
in Canada. With more than 1,000 corporate and franchised stores
from coast to coast, Loblaw and its franchisees employ over 135,000
full-time and part-time employees. Through its portfolio of store
formats, Loblaw is committed to providing Canadians with a wide,
growing and successful range of products and services to meet the
everyday household demands of Canadian consumers. Loblaw is known
for the quality, innovation and value of its food offering. It
offers Canada's strongest control (private) label program,
including the unique President's Choice®, no name® and Joe Fresh®
brands. In addition, Loblaw makes available to consumers
President's Choice Financial® services and offers the PC® points
loyalty program. Loblaw Companies Limited CONTACT: Kim LeeVice
President, Investor Relations(905) 459-2500investor@loblaw.ca
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