MONTREAL, Sept. 6, 2012 /CNW Telbec/ - METRO INC. announces that it is
renewing its normal course issuer bid program and that such renewal has
been approved by the Toronto Stock Exchange. The Corporation decided to
renew the issuer bid program as an additional option for using excess
funds. Thus, the Corporation will be able to repurchase, in the normal
course of business, between September 10, 2012 and September 9, 2013,
up to 6,000,000 of its Common Shares representing approximately 9.4% of
its outstanding public float on August 31st, 2012. On August 31st, 2012, there were 97,444,401 issued and outstanding shares of which
63,934,634 were part of the outstanding public float of the
Corporation. The average daily trading volume of Corporation's Common
Shares over the last six (6) completed months was 234,189 shares.
Accordingly, under the Toronto Stock Exchange Requirements, the
Corporation is entitled on any trading day to purchase up to 58,547
Common Shares 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 Common Shares so repurchased will
be cancelled. Under the existing normal course issuer bid program,
which is for the period from September 8, 2011 to September 7, 2012,
the Corporation repurchased 4,239,800 Common Shares at a weighted
average price of $ 50.99 per share for a total of $ 216,174,600.
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
SOURCE: METRO INC.
For further information:
Source: METRO INC.
François Thibault, Senior Vice-President, Chief Financial Officer and Treasurer