BRAMPTON, ON, March 4, 2016 /CNW/ - Loblaw Companies Limited (TSX: L) (Loblaw) announced today that the Ontario Securities Commission has issued an issuer bid exemption order permitting Loblaw to make private agreement purchases of its common shares from two arm's length third-party sellers. Any purchases of common shares made by way of private agreements under the order will be at a discount to the prevailing market price on the Toronto Stock Exchange at the time of purchase, may be made in one or more trades over time and must otherwise comply with the terms of the order. Any purchases must occur prior to the expiry of Loblaw's normal-course issuer bid on April 27, 2016.
Loblaw was previously granted two issuer bid exemption orders by the Ontario Securities Commission on November 20, 2015 permitting Loblaw to make private agreement purchases of up to 4,637,000 of its common shares from two arm's length third-party sellers. To date, Loblaw has purchased 3,778,000 common shares under such orders.
The number of common shares which may be purchased under private agreements may not exceed 7,310,429, being one-third the total number of common shares which may be purchased under the normal-course issuer bid.
All common shares purchased by way of private agreements made pursuant to the order issued today and those issued on November 20, 2015 will be included in computing the number of common shares which may be purchased under the normal-course issuer bid. Information regarding each purchase, including the number of common shares purchased and purchase price, will be available on SEDAR at www.sedar.com following the completion of any such purchase.
Decisions regarding the timing of future purchases of common shares, including through private agreements, will be based on market conditions, share price and other factors.
About Loblaw Companies Limited
Loblaw Companies Limited is Canada's food and pharmacy leader, the nation's largest retailer, and the majority unitholder of Choice Properties Real Estate Investment Trust.
Loblaw provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, banking, and wireless mobile products and services.
With more than 2,300 corporate, franchised and Associate-owned locations, Loblaw, its franchisees, and Associate-owners employ approximately 192,000 full- and part-time employees, making it one of Canada's largest private sector employers.
Loblaw's purpose – Live Life Well – puts first the needs and well-being of Canadians who make one billion transactions annually in the companies' stores. Loblaw is positioned to meet and exceed those needs in many ways: convenient locations; more than 1,050 grocery stores that span the value spectrum from discount to specialty; full-service pharmacies at more than 1,250 Shoppers Drug Mart and Pharmaprix locations and more than 500 Loblaw locations; no-fee banking with PC Financial; affordable Joe Fresh fashion and family apparel; and three of Canada's top consumer brands in Life Brand®, noname® and President's Choice®. Through the PC Plus™ and Shoppers Optimum® loyalty programs, more than one in every three Canadians are rewarded for shopping with the companies.
For more information, visit Loblaw's website at www.loblaw.ca and Loblaw's issuer profile at www.sedar.com.
SOURCE Loblaw Companies Limited
For further information: Sophia Bisoukis, Investor Relations, (905) 861-2436, firstname.lastname@example.org