BRAMPTON, ON, April 7 /CNW/ - Loblaw Companies Limited (TSX:L) Board of
Directors has authorized the repurchase of up to 14,096,437 of its
common shares, representing 5% of the 281,928,741 common shares (as of
April 4, 2011) outstanding, by way of a normal course issuer bid on the
Toronto Stock Exchange (TSX). Daily purchases will be limited to
83,853 common shares, other than block purchase exceptions.
The purchases may commence on April 9, 2011, and will terminate no later
than April 8, 2012. Purchases will be made in open market transactions
on the TSX. In addition, the Company may enter into forward purchase or
swap contracts in connection with its 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 repurchases will be based on
market conditions, share price and other factors. The Company may elect
to suspend or discontinue the bid at any time. Common shares
repurchased under the bid will be cancelled. The Company believes that
the market price of its common shares could be such that their purchase
may be an attractive and appropriate use of corporate funds.
From time to time, when the Company does not possess material nonpublic
information about itself or its securities, it may enter into a
pre-defined plan with its broker to allow for the repurchase of common
shares at times when the Company 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 Company'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 distributor 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 136,000 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 Style® brands. In addition, the Company makes
available to consumers President's Choice Financial® services and
offers the PC® points loyalty program.
SOURCE Loblaw Companies Limited
For further information:
Vice President, Investor Relations