George Weston Limited Announces Normal Course Issuer Bid

TORONTO, May 20, 2022 /CNW/ – WM – George Weston Limited (“Weston”) announced today that the Toronto Stock Exchange (“TSX”) has accepted a notice filed by Weston of its intention to launch a normal course issuer bid (“NCIB”).

The TSX Notice provides that Weston may, during the 12-month period commencing May 25, 2022 and terminate May 24, 2023buy up to 7,304,927 Weston common shares (“Common Shares”), representing approximately 5% of the 146,098,555 Common Shares issued and outstanding at May 11, 2022, by way of an issuer bid on the TSX or through alternative trading systems or by any other means permitted under applicable laws. Based on the average daily trading volume of 160,701 over the past six months, daily purchases will be limited to 40,175 common shares, with exceptions related to bulk purchases.

Purchases of Common Shares will be made in open market transactions on the TSX or through alternative trading systems. Besides, Weston may enter into forward purchase or swap contracts with respect to the Common Shares which may be settled by physical settlement, cash settlement or a combination of both. The forward price will be based on the market price, dividend yield and market interest rates.

Decisions regarding the timing of future purchases of Common Shares will be based on market conditions, stock price and other factors. Weston may choose to suspend or terminate its RPO at any time. The common shares purchased pursuant to the issuer bid will be canceled or transferred and held by trusts established by Weston for the payment of incentive plans settled in shares. Weston believes that the price of the common shares could be such that their purchase could be an attractive and appropriate use of company funds. Weston may also use its issuer bid to acquire the number of common shares that are issued following the exercise of options in order to offset the dilutive effect of the options that have been exercised. Consistent with its previous NCIB, under which Weston has received approval from the TSX to purchase up to 7,596,891 common shares for the May 25, 2021 for May 24, 20226,329,558 common shares have been purchased as of May 11, 2022at a weighted average price of $136.20.

Occasionally, when Weston does not possess material nonpublic information about itself or its securities, it may enter into a predefined plan with its broker to permit the purchase of common stock at times when Weston would not normally be active in the market due to its own internal trading blackout periods and insider trading rules. Any such plan entered into with Weston’s broker will be adopted in accordance with the requirements of applicable Canadian securities laws.

About George Weston Limited

George Weston Limited is a Canadian public company founded in 1882. The company operates through its two reportable operating segments, Loblaw Companies Limited and Choice Properties Real Estate Investment Trust. Loblaw provides Canadians with groceries, drugstores, health and beauty products, apparel, general merchandise, financial services, and mobile wireless products and services. Choice Properties owns, manages and develops a high quality portfolio of commercial and residential properties across Canada.

SOURCE George Weston Limited

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