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Retail

Couche-Tard Announces New Share Repurchase Programme

Circle K parent Alimentation Couche-Tard has obtained the approval of the Toronto Stock Exchange (TSX) to commence a new share repurchase programme.

It will allow the company to repurchase up to 32,056,988 Class B Subordinate Voting Shares, which comprises 4% of Couche-Tard's 'public float' as of 19 April 2021.

The company has also announced the early termination of the share repurchase programme, which commenced on 27 November 2020.

The terminated programme authorised Couche-Tard to repurchase for cancellation up to 33,336,141 Class B Subordinate Voting Shares.

Desirable Investment

Couche-Tard believes that the purchase of shares under the new programme is an appropriate use of funds and a desirable investment for the company.

The repurchase will reduce the number of Class B Subordinate Voting Shares in circulation, and increasethe proportionate interest of all remaining shareholders of the company on a pro-rata basis.

In the period ending 23 April 2021, Couche-Tard will have repurchased for cancellation all of the 33,336,141 Class B Subordinate Voting Shares under its terminated programme through the facilities of the TSX and alternative Canadian trading systems.

Daily Trading Volume

The average daily trading volume for the six months preceding 1 April 2021 represents 2,604,432 Class B Subordinate Voting Shares.

In accordance with TSX requirements, Couche–Tard is entitled to purchase, on any trading day, up to a total of 651,108 Class B Subordinate Voting Shares representing 25% of this average daily trading volume.

The company may repurchase up to 32,056,988 Class B Subordinate Voting Shares on the open market through the facilities of the TSX and other alternative Canadian trading systems, from time to time, over twelve months commencing on 26 April 2021.

The actual number of Class B Subordinate Voting Shares purchased under the new programme, the timing of purchases, and the price at which the Class B Subordinate Voting Shares are bought will depend upon management discretion based on factors such as market conditions, Couche-Tard added.

All shares repurchased under the new programme will be cancelled upon their repurchase.

Couche-Tard will establish an automatic securities purchase plan with a designated broker, whereby shares may be repurchased at times when such purchases would otherwise be prohibited under regulatory restrictions or self-imposed blackout periods.

© 2021 European Supermarket Magazine. Article by Dayeeta Das. For more Retail news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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