METRO inc. (TSX: MRU) announces that the Toronto Stock Exchange has approved the renewal of its normal course issuer bid program. The Corporation decided to renew the issuer bid program as another way to use excess funds. Thus, the Corporation will be able to repurchase up to 7,000,000 of its Common Shares in the normal course of business between November 25, 2022 and November 24, 2023, representing approximately 2.97% of its issued and outstanding shares on November 11, 2022. On November 11, 2022, there were 235 379 356 issued and outstanding shares, of which 192,503,985 were part of the Corporation’s outstanding public float. The Corporation’s average daily trading volume The total number of common shares issued in the last six (6) months was 392,624 shares.
As a result, under the Toronto Stock Exchange Requirements, the Corporation is authorized to purchase up to 98,156 Common Shares on any trading day, subject to the Toronto Stock Exchange Requirements regarding block purchases. Repurchases will be made at market price through the facilities of the Toronto Stock Exchange, in accordance with its policies and regulations, or through the facilities of alternative Canadian and American trading systems, as well as through any other means permitted by a securities regulatory authority, including private agreements. The repurchased Common Shares will be cancelled. Purchases made under a securities regulatory authority’s issuer bid exemption order will be made at a discount to the prevailing market price, as specified in the order.
Under the existing normal course issuer bid program, which runs from November 25, 2021 to November 24, 2022, the Corporation repurchased 7,000,000 Common Shares, representing the total number of Common Shares authorized to be repurchased, for a total of $481.7 million at a weighted average price of $68.81 per share. Repurchases were made at market price through the Toronto Stock Exchange’s facilities, in accordance with its policies and regulations, as well as through the facilities of alternative trading systems.
About METRO Inc.
Under the existing normal course issuer bid program, which is for the period from November 25, 2021 to November 24, 2022, the Corporation repurchased 7,000,000 Common Shares, which represents the totality of the Common Shares the Corporation was authorized to repurchase, at a weighted average price of $68.81 per share for a total of $481.7 million. 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 $18 billion, METRO Inc. is a food and pharmacy leader in Québec and Ontario. Its purpose is to Nourish the health and well-being of our communities. As a retailer, franchisor, distributor, and manufacturer, the company operates or services a network of some 950 food stores under several banners including Metro, Metro Plus, Super C and Food Basics, as well as some 650 drugstores primarily under the Jean Coutu, Brunet, Metro Pharmacy and Food Basics Pharmacy banners, providing employment to more than 90,000 people. For more details,