MISSISSAUGA, ON, Dec. 14, 2016 /CNW/ - Maple Leaf Foods Inc. (MFI: TSX) today announced that in connection with its previously announced normal course issuer bid ("NCIB") program, the Company has entered into an automatic repurchase plan with its designated broker to allow for purchases of its common shares.
The NCIB program commenced on May 19, 2016 and will terminate on May 18, 2017, or on such earlier date as the Company may complete its purchases pursuant to a Notice of Intention filed with the Toronto Stock Exchange ("TSX"). Under the NCIB program, the Company is authorized to purchase up to 8,700,000 of its common shares, by way of normal course purchases effected through the facilities of the TSX and/or alternative Canadian trading systems. Under the TSX rules, a maximum of 69,146 common shares may be purchased by the Company on any one day under the bid, except where purchases are made in accordance with the "block purchase exception" of the TSX rules.
Under the automatic repurchase plan, the designated broker may purchase common shares during certain pre-determined black-out periods, subject to certain parameters as to price and number of shares. Outside of these pre-determined black-out periods, shares will be repurchased in accordance with management's discretion, subject to applicable law. The automatic repurchase plan has been pre-cleared by the TSX and will be implemented effective December 15, 2016.
Maple Leaf Foods Inc. is a leading Canadian consumer protein company, making high quality, innovative products under national brands including Maple Leaf®, Maple Leaf Prime®, Maple Leaf Natural Selections®, Schneiders®, Schneiders Country Naturals® and Mina™. The Company employs approximately 11,000 people across Canada and exports to global markets, including the U.S. and Asia. The Company is headquartered in Mississauga, Ontario and its shares trade on the Toronto Stock Exchange (MFI).
This document may contain "forward-looking information" within the meaning of applicable securities law including statements regarding future purchases of common shares under the NCIB. These statements are not guarantees of future events and involve assumptions and risks and uncertainties that are difficult to predict. Some of these assumptions and risks and uncertainties are described in more detail in the Company's filings made with the securities regulatory authorities in Canada which are available on SEDAR at www.sedar.com. Actual results may differ materially from those expressed, implied or forecasted in such forward-looking information and there is no assurance that any common shares will be purchased under the NCIB program. Maple Leaf does not intend to, and Maple Leaf disclaims any obligation to, update any forward looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Maple Leaf Foods Inc.
For further information: Investor Contact: Nick Boland, VP Investor Relations, 905-285-5898; Media Contact: Scott Bonikowsky, Vice-President, Communication & Affairs, Public Affairs, 905- 285-1515, email@example.com