George Weston Limited - Normal Course Issuer Bid
08 Mai 2012 - 5:53PM
PR Newswire (Canada)
TORONTO, May 9, 2012 /CNW/ - - George Weston Limited ("Weston")
announced today that the Toronto Stock Exchange ("TSX") has
accepted a notice filed by Weston of its intention to make a normal
course issuer bid ("NCIB"). The NCIB notice provides that Weston
may, during the 12-month period commencing May 11, 2012 and
terminating May 10, 2013, purchase up to 6,409,499 of Weston's
common shares ("Common Shares"), representing 5% of the 128,189,996
Common Shares outstanding as of April 27, 2012, by way of a NCIB
over the facilities of the TSX or through alternative trading
systems (such as Alpha ATS). Daily purchases will be limited to
23,837 Common Shares, other than pursuant to block purchase
exceptions. Purchases of Common Shares will be made in open market
transactions over the facilities of the TSX or alternative trading
systems (such as Alpha ATS). In addition, Weston 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. Weston
may elect to suspend or discontinue its NCIB at any time. Common
Shares purchased under the NCIB will be cancelled. Weston believes
that the market price of Common Shares could be such that their
purchase may be an attractive and appropriate use of corporate
funds. Weston 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. Weston purchased 904,260 Common Shares at a
weighted average price of $67.45 pursuant to its previous NCIB.
From time to time, when Weston 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 Weston 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
Weston's broker will be adopted in accordance with the requirements
of applicable Canadian securities laws. About George Weston Limited
George Weston Limited is a Canadian public company founded in 1882
and through its operating subsidiaries constitutes one of North
America's largest food processing and distribution groups. George
Weston Limited has two reportable operating segments: Weston Foods
and Loblaw, which is operated by Loblaw Companies Limited. The
Weston Foods operating segment is primarily engaged in the baking
industry within North America. Loblaw is Canada's largest food
distributor and a leading provider of general merchandise,
drugstore and financial products and services. George Weston
Limited CONTACT: Geoffrey H. WilsonSenior Vice President, Financial
Control and Investor Relations(416) 922-2500
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