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LAVAL, Quebec -- The Toronto Stock Exchange approved a new share repurchase program by convenience store retailer Alimentation Couche-Tard Inc. that authorizes the company to repurchase up to 2.68 million Class A multiple voting shares (representing 5 percent) and 12.85 million Class B subordinate voting shares (representing 10 percent) as of July 24.
The net average daily trading volume for the six-month period preceding July 24, represents 853 Class A multiple voting shares and 430,871 Class B subordinate voting shares, according to the company. In accordance with Toronto Stock Exchange requirements, a maximum daily repurchase of greater than 25 percent of these averages, or 1,000 shares, may be made, which represents a total of 1,000 Class A multiple voting shares and a total of 107,717 Class B subordinate voting shares.
By making such repurchases, the number of Class A multiple voting shares and Class B subordinate voting shares in circulation will be reduced, and the proportionate interest of all remaining shareholders in the share capital of the company will be increased on a pro- rata basis, according to an announcement released yesterday by Couche-Tard.
The company may repurchase Class A multiple voting shares and Class B subordinate voting shares on the open market through the facilities of The Toronto Stock Exchange, from time to time over the course of 12 months beginning Aug. 10, and ending at the latest Aug. 9, 2010. All shares repurchased under the share repurchase program will be cancelled upon repurchase. In connection with the program, Couche-Tard established an automatic securities purchase plan to provide standard instructions regarding how the company's shares are to be repurchased under the program.
Under its previous share repurchase program—which was announced Aug. 6, 2008—the company repurchased a total of 19,000 of its Class A multiple voting shares and a total of 11,777,400 Class B subordinate voting shares as of July 31, 2009, at the weighted average price per share of $13.4314 and $13.6081 respectively.
Alimentation Couche-Tard Inc. is the second largest independent convenience store operator in North America in terms of number of stores. As of April 26, its network consisted of 5,443 convenience stores, 3,646 of which include motor fuel dispensing, located in 11 large geographic markets, including eight in the United States covering 34 states and three in Canada covering 10 provinces.
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