TORONTO, Oct. 5, 2018 /CNW/ - (TSX: WN) – George Weston Limited ("GWL") announced today that it has entered into an automatic share purchase plan ("ASPP") with a broker in order to facilitate repurchases of GWL's common shares ("Common Shares") under its previously announced normal course issuer bid ("NCIB").
GWL previously announced that it had received approval from the Toronto Stock Exchange ("TSX") to, during the 12-month period commencing May 23, 2018 and terminating May 22, 2019, purchase up to 6,398,134 Common Shares, representing approximately 5% of the issued and outstanding Common Shares, by way of a NCIB on the TSX or through alternative trading systems or by such other means as may be permitted by the TSX or under applicable law.
Under GWL's ASPP, GWL's broker may purchase Common Shares at times when GWL ordinarily would not be active in the market due to insider trading rules and its own internal trading blackout periods. Purchases will be made by GWL's broker based upon parameters set by GWL prior to the commencement of any such blackout period and in accordance with the terms of the ASPP. Outside of these blackout periods, Common Shares may continue to be purchased in GWL's discretion, subject to applicable law. The ASPP has been entered into in accordance with the requirements of applicable Canadian securities laws.
About George Weston Limited
GWL is a Canadian public company founded in 1882 and through its operating subsidiaries constitutes one of North America's largest food processing and distribution groups. GWL has two reportable operating segments: Weston Foods and Loblaw, which is operated by Loblaw Companies Limited. The Weston Foods operating segment is primarily engaged in the baking industry within North America. Loblaw is Canada's largest food distributor and a leading provider of general merchandise, drugstore and financial products and services.
SOURCE George Weston Limited
For further information: George Weston Limited, Geoff Wilson, Senior Vice President, Communications and Investor Relations, (416) 967-7976, firstname.lastname@example.org