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.
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