Couche-Tard Launches Share Repurchase Program
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.
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.