TORONTO, May 7 /CNW/ - George Weston Limited (TSX: WN) ("Weston") Board
of Directors has authorized the repurchase of up to 6,453,726 of its Common
Shares, representing 5% of the 129,074,526 Common Shares currently
outstanding, by way of a normal course issuer bid on the Toronto Stock
Exchange (the "TSX"). Daily purchases will be limited to 38,935 Common Shares,
other than block purchase exceptions.
The purchases may commence on May 11, 2009, and will terminate no later
than May 10, 2010. Purchases will be made in open market transactions on the
TSX. In addition, Weston may enter into forward purchase or swap contracts
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. Weston may elect to suspend
or discontinue the bid at any time. Common Shares repurchased under the bid
will be cancelled.
Weston 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 in light of potential benefits to remaining shareholders.
From time to time, when Weston 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 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 Weston's broker will be adopted in accordance with the
requirements of applicable Canadian securities laws.
About George Weston Limited
George Weston Limited is one of North America's largest food processing
and distribution groups operating in two segments: baking through Weston
Foods, and food and general merchandise distribution through Loblaw Companies
For further information:
For further information: Geoffrey H. Wilson, Senior Vice President,
Financial Services and Investor Relations, (416) 922-2500