TORONTO, May 23, 2023
/CNW/ - (TSX: WN) – George Weston Limited ("Weston") announced
today that the Toronto Stock Exchange ("TSX") has accepted a notice
filed by Weston of its intention
to make a normal course issuer bid ("NCIB").
The TSX notice provides that Weston may, during the 12-month period
commencing May 25, 2023 and
terminating May 24, 2024, purchase up
to 6,954,013 Weston common shares ("Common Shares"),
representing approximately 5% of the 139,080,273 Common Shares
issued and outstanding as of May 11,
2023, by way of a NCIB on the TSX or through alternative
trading systems or by such other means as may be permitted under
applicable law. Based on the average daily trading volume of
151,757 during the last six months, daily purchases will be
limited to 37,939 Common Shares, other than block purchase
exceptions.
Purchases of Common Shares will be made in open market
transactions on the TSX, through alternative trading systems, or by
such other means as may be permitted by applicable law, including
private agreement purchases. In addition, Weston may enter into forward purchase or swap
contracts in connection with Common Shares which may be settled by
physical settlement, cash settlement or a combination thereof. The
forward price will be based on market price, dividend yield and
market interest rates.
Decisions regarding the timing of future purchases of Common
Shares will be based on market conditions, share price and other
factors. Weston may elect to
suspend or discontinue its NCIB at any time. Common Shares
purchased under the NCIB will be cancelled or transferred to and
held by trusts established by Weston for the settlement of equity settled
incentive plans. Weston believes
that the market price of Common Shares could be such that their
purchase may be an attractive and appropriate use of corporate
funds. Weston may also use its
NCIB to acquire the number of Common Shares that are issued
pursuant to the exercise of options in order to offset the dilutive
effect of options that have been exercised. Pursuant to its
previous NCIB, under which Weston
received approval from the TSX to purchase up to 7,304,927 Common
Shares for the period of May 25, 2022
to May 24, 2023,
6,645,013 Common Shares have been purchased as of May 11, 2023, at a weighted average price of
$158.74.
From time to time, when Weston
does not possess material non-public information about itself or
its securities, it may enter into a pre-defined plan with its
broker to allow for the purchase of Common Shares at times when
Weston ordinarily would not be
active in the market due to its own internal trading blackout
periods and insider trading rules. Any such plans 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 grocery,
pharmacy, health and beauty, apparel, general merchandise,
financial services and wireless mobile products and services.
Choice Properties owns, manages and develops a high-quality
portfolio of commercial and residential properties across
Canada.
SOURCE George Weston Limited