MONTREAL, Nov. 20,
2024 /CNW/ - 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 27, 2024, and
November 26, 2025, up to 10,000,000
of its Common Shares representing approximately 4.50% of its issued
and outstanding shares on November 14,
2024. On November 14, 2024,
there were 222,005,850 issued and outstanding shares of which
220,872,557 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 427,566
shares.
Accordingly, under the Toronto Stock Exchange Requirements, the
Corporation is entitled on any trading day to purchase up to
106,891 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 Canadian 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 27, 2023
to November 26, 2024, the Corporation
repurchased all the shares scheduled for in this program, i.e.
7,000,000 Common Shares at a weighted average price of $72.90 per share for a total of $510.3 million as of November 14, 2024. 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.
METRO INC.
With annual sales of more than $20
billion, METRO Inc. is a food and pharmacy leader in Québec
and Ontario, providing employment
to more than 98,000 people. Its purpose is to Nourish the health
and well-being of our communities. As a retailer, franchisor,
distributor, manufacturer, and provider of eCommerce services, the
company operates or services a network of 980 food stores under
several banners including Metro, Metro Plus, Super C and Food
Basics, and 640 drugstores primarily under the Jean Coutu, Brunet,
Metro Pharmacy and Food Basics Pharmacy banners. For more details,
visit corpo.metro.ca.
SOURCE METRO INC.