MONTREAL, Sept. 3 /CNW Telbec/ - METRO INC. announces that the renewal of its issuer bid program as an additional option for using excess funds has been approved by the Toronto Stock Exchange. Thus, the Company will be able to repurchase, in the normal course of business, between September 8, 2009 and September 7, 2010, up to 6,000,000 of its Class A Subordinate Shares representing approximately 8.3 % of its outstanding public float on August 31, 2009. On August 31, 2009, there were 108,300,906 issued and outstanding shares of which 72,251,121 were part of the outstanding public float of the Company. The average daily trading volume of Company's Class A Subordinate Shares over the last six (6) completed months was 390,837 shares. Accordingly, under the Toronto Stock Exchange Rules and Policies, the Company is entitled on any trading day to purchase up to 97,709 Class A Subordinate Shares. Repurchases will be made through that stock exchange at market price and in accordance with its policies and regulations. The Class A Subordinate Shares so repurchased will be cancelled. Under the existing normal course issuer bid program, from September 5, 2008 to August 31, 2009, the Company repurchased 4,550,800 Class A Subordinate shares at a weighted average price of $34.55 per share for a total of $157.2 millions.
METRO INC.
With annual sales of nearly $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 close to 600 food stores under several banners including the Metro, Metro Plus, Super C, and Food Basics banners as well as over 250 drugstores under the Brunet, Clini Plus, The Pharmacy and Drug Basics banners.
ContactsRichard DufresneSenior Vice-President
Chief Financial Officer
(514) 643-1003 Source: METRO INC.
158.94 (1.43%)
