Loblaw Companies enters into automatic share purchase plan
January 3, 2024 | By MRO Magazine
Loblaw Companies Limited has entered an automatic share purchase plan (ASPP) with a broker to facilitate repurchases of Loblaw’s common shares under its previously announced normal course issuer bid.
Loblaw previously announced that it had received approval from the Toronto Stock Exchange during the 12-month period commencing May 5, 2023 and terminating May 4, 2024, purchase up to 16,055,686 common shares, representing approximately 5 per cent of the 321,113,731 common shares issued and outstanding as of April 21, 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.
During the effective period of Loblaw’s ASPP, Loblaw’s broker may purchase common shares at times when Loblaw would not be active in the market due to insider trading rules and its own internal trading blackout periods.
Purchases will be made by Loblaw’s broker based upon parameters set by Loblaw when it is not in possession of any material non-public information about itself and its securities, and in accordance with the terms of the ASPP.
Outside of the effective period of the ASPP, common shares may continue to be purchased in accordance with Loblaw’s discretion, subject to applicable law. The ASPP has been entered into in accordance with the requirements of applicable Canadian securities laws.