Metro announces plan to buy back shares
Metro announces plan to buy back shares
Metro Inc. announced that it intends to purchase for cancellation, on or before Sept. 9, 2016, up to 5.162 million of its common shares pursuant to private agreements between Metro and several arm’s-length third-party sellers.
These purchases will be made pursuant to issuer bid exemption orders issued by the Ontario Securities Commission. The price that Metro will pay for any common shares will be negotiated by Metro and the seller and will be at a discount to the prevailing market price of Metro’s common shares on the Toronto Stock Exchange at the time of the purchase.
Information regarding each purchase, including the number of common shares purchased and aggregate price paid, will be available on the System for Electronic Document Analysis & Retrieval following the completion of any such purchase.
These purchases will form part of Metro’s 18 million share repurchase program announced Sept. 8, 2015 and effective on Sept. 10, 2015, which allows for purchases outside the facilities of the TSX pursuant to exemption orders issued by a securities regulatory authority, including by way of private agreements at a discount to the prevailing market price.
The maximum number of common shares that may be purchased by way of all such private agreements cannot exceed 6 million, being one-third of the total number of common shares that may be purchased under Metro’s 18 million share repurchase program.
With annual sales of over $11 billion and over 65,000 employees, Metro Inc. operates a network of more than 600 food stores under several banners, including Metro, Metro Plus, Super C and Food Basics.