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LAVAL, Quebec -- Alimentation Couche-Tard Inc., operator of more than 5,500 convenience sores under the Circle K and Mac's banner, will begin repurchasing its outstanding shares, as the Toronto Stock Exchange approved its share repurchase program.
With the approval, the company will purchase up to 2,808,765 Class A multiple voting shares, out of the 56,175,312 total, and 7,332,066 Class B subordinate voting shares, out of the 146,641,334 issued and outstanding as of July 27. The repurchased shares represent 5 percent of the Class A shares and 5 percent of the Class B shares.
The average daily trading volume for the 6-month period preceding July 27 totals 8,001 Class A shares and 534,247 Class B shares. A maximum daily repurchase allowance totaling 25 percent of these averages may be made, in accordance with the Toronto Stock Exchange requirements.
By making these purchases, the number circulating Class A and Class B shares will be reduced and the proportionate interest of all remaining shareholders will be increased on a pro rata basis, the company stated.
Couche-Tard can now purchase the shares on the open market through the facilities of The Toronto Stock Exchange, over the course of 12 months from Wednesday through Aug. 7, 2008.