BRAMPTON, ON, Jan. 2, 2018 /CNW/ - (TSX: L) – Loblaw Companies Limited ("Loblaw") announced today that it has entered into an automatic share purchase plan ("ASPP") with a broker in order to facilitate repurchases of Loblaw's common shares ("Common Shares") under its previously announced normal course issuer bid ("NCIB").
Loblaw previously announced that it had received approval from the Toronto Stock Exchange ("TSX") to, during the 12-month period commencing April 28, 2017 and terminating April 27, 2018, purchase up to 21,016,472 of Common Shares, representing approximately 10% of the public float, 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 Loblaw's ASPP, Loblaw's broker may purchase Common Shares at times when Loblaw 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 Loblaw's broker based upon parameters set by Loblaw prior to the commencement of any such blackout period and in accordance with the terms of the automatic purchase plan. Outside of these blackout periods, Common Shares may continue to be purchased in accordance with Loblaw's discretion, subject to applicable law. The ASPP has been entered into in accordance with the requirements of applicable Canadian securities laws.
Loblaw Companies Limited is Canada's food and pharmacy leader and the nation's largest retailer. With nearly 2,500 corporate, franchised and Associate-owned locations, Loblaw and its franchisees and Associates employ nearly 200,000 full- and part-time employees. The company has a growing digital business, including Click & Collect supermarket orders picked up at stores, and online service or sales related to Loblaw's pharmacy, beauty, apparel and lifestyle offers.
Loblaw's purpose – Live Life Well – is a commitment to the needs of all Canadians, including customers who make one billion transactions in the company's stores annually. The company offers convenient locations, the wellness services of food and drug stores, many of the nation's most-trusted brands, two of Canada's favourite loyalty programs, and a keen sense of corporate social responsibility.
SOURCE Loblaw Companies Limited
For further information: Roy MacDonald, Vice President, Investor Relations, (905) 861-2243, [email protected]