MONTREAL, Sept. 8, 2014 /CNW/ - 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, 2014 and September 9, 2015, up to 5,700,000 of its Common Shares representing approximately 9.9% of its outstanding public float on August 29, 2014. On August 29, 2014, there were 85,077,705 issued and outstanding shares of which 57,380,236 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 226,149 shares. Accordingly, under the Toronto Stock Exchange Requirements, the Corporation is entitled on any trading day to purchase up to 56,537 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. Purchases made by way of private agreements under an issuer bid exemption order issued by a securities regulatory authority will be at a discount to the prevailing market price as provided in the exemption order. Under the existing normal course issuer bid program, which is for the period from September 10, 2013 to September 9, 2014, the Corporation repurchased 7,000,000 Common Shares at a weighted average price of $ 64.38 per share for a total of $ 450.6 million.
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 Basics banners.
SOURCE: METRO INC.
For further information: François Thibault, Senior Vice-President, Chief Financial Officer and Treasurer, (514) 643-1000