METRO INC. renews its share buyback program

MONTREAL, Sept. 6, 2011 /CNW Telbec/ - METRO INC. announces that the renewal of its issuer bid program has been approved by the Toronto Stock Exchange. The Company decided to renew the issuer bid program as an additional option for using excess funds. Thus, the Company will be able to repurchase, in the normal course of business, between September 8, 2011 and September 7, 2012, up to 6,000,000 of its Class A Subordinate Shares representing approximately 9.1% of its outstanding public float on August 31, 2011. On August 31, 2011, there were 100,833,870 issued and outstanding shares of which 66,244,642 were part of the outstanding public float of the Company. The average daily trading volume of Company's Class A Subordinate Shares over the last six (6) completed months was 239,522 shares. Accordingly, under the Toronto Stock Exchange Requirements, the Company is entitled on any trading day to purchase up to 59,880 Class A subject to the Toronto Stock Exchange Requirements regarding block purchases. Repurchases will be made through the stock exchange at market price, in accordance with its policies and regulations, as well as by other means as may be permitted by the Toronto Stock Exchange and any other securities regulatory authorities, including by private agreements. The Class A Subordinate Shares so repurchased will be cancelled. Under the existing normal course issuer bid program, which is for the period from September 8, 2010 to September 7, 2011, the Company repurchased 4,187,000 Class A Subordinate shares at a weighted average price of $ 45.41 per share for a total of $ 190,139,438.

METRO INC.

With annual sales of over $11 billion and over 65,000 employees, Metro Inc. is a leader in the food and pharmaceutical sectors in Québec and Ontario, where it operates a network of more than 600 food stores under several banners including Metro, Metro Plus, Super C and Food Basics, as well as over 250 drugstores under the Brunet, The Pharmacy and Drug Basics banners.


SOURCE METRO INC.

For further information:

Source:   METRO INC.
Information: 
Richard Dufresne, Senior Vice-President, Chief Financial Officer
(514) 643-1003


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