MONTREAL,
Sept. 6, 2012 /CNW Telbec/ - 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, 2012
and September 9, 2013, up to
6,000,000 of its Common Shares representing approximately 9.4% of
its outstanding public float on August
31st, 2012. On August
31st, 2012, there were 97,444,401 issued and
outstanding shares of which 63,934,634 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 234,189 shares. Accordingly, under the Toronto Stock
Exchange Requirements, the Corporation is entitled on any trading
day to purchase up to 58,547 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.
Under the existing normal course issuer bid program, which is for
the period from September 8, 2011 to
September 7, 2012, the Corporation
repurchased 4,239,800 Common Shares at a weighted average price of
$ 50.99 per share for a total of
$ 216,174,600.
METRO INC.
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.