MONTREAL, Nov. 20, 2019 /CNW Telbec/ - METRO INC. (TSX: MRU) 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 November 25, 2019 and November 24, 2020, up to 7,000,000 of its Common Shares representing approximately 2.75 % of its issued and outstanding shares on November 12, 2019. On November 12, 2019, there were 254,189,686 issued and outstanding shares of which 205,514,499 were part of the outstanding public float of the Corporation. The average daily trading volume of the Corporation's Common Shares over the last six (6) completed months was 501,967 shares.
Accordingly, under the Toronto Stock Exchange Requirements, the Corporation is entitled on any trading day to purchase up to 125,491 Common Shares subject to the Toronto Stock Exchange Requirements regarding block purchases. Repurchases will be made through the facilities of the Toronto Stock Exchange at market price, in accordance with its policies and regulations, or through the facilities of alternative trading systems as well as by other means as may be permitted by a securities regulatory authority, 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 November 23, 2018 to November 22, 2019, the Corporation repurchased 3,175,000 Common Shares at a weighted average price of $50.31 per share for a total of $159,728,309 million. Repurchases were made through the facilities of the Toronto Stock Exchange at market price, in accordance with its policies and regulations, and through the facilities of alternative trading systems.
With annual sales of approximately $16 billion, METRO INC. is a leader in the food and pharmaceutical distribution in Québec, Ontario and Eastern Canada, where it operates or is the franchisor of a network of more than 600 food stores under several banners, including Metro, Metro Plus, Super C and Food Basics, as well as over 700 drugstores primarily under the Jean Coutu, Brunet, Metro Pharmacy and Drug Basics banners, providing employment to 85,000 people. For more details, visit corpo.metro.ca.
SOURCE METRO INC.
For further information: François Thibault, Executive Vice President, Chief Financial Officer and Treasurer, (514) 643-1000