TORONTO, May 20, 2021 /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, 2021 and
terminating May 24, 2022, purchase up
to 7,596,891 Weston common shares
("Common Shares"), representing approximately 5% of the 151,937,834
Common Shares issued and outstanding as of May 11, 2021, 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 188,881 during the last six months, daily
purchases will be limited to 47,220 Common Shares, other than block
purchase exceptions.
Purchases of Common Shares will be made in open market
transactions on the TSX or through alternative trading systems. 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 7,683,528 Common
Shares for the period of May 25, 2020
to May 24, 2021, 1,833,117 Common
Shares have been purchased at a weighted average price of
$97.40.
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 three reportable operating
segments, Loblaw Companies Limited, Choice Properties Real Estate
Investment Trust and Weston Foods. 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 retail, industrial, office and residential
properties across Canada. The
Weston Foods operating segment includes a leading North American
bakery that offers packaged bread and rolls in Canada as well as frozen and artisan bread and
rolls, cakes, donuts, pies, biscuits and alternatives throughout
Canada and the U.S.
SOURCE George Weston Limited