George Weston Ltd. on May 20 said it has received approval from the Toronto Stock Exchange to launch a normal course issuer bid, or NCIB, through the exchange or other trading systems.
The Canadian food retailer can repurchase up to 7,676,458 of its common shares, representing about 5% of all shares outstanding.
The NCIB will begin on May 23, 2019, and end on May 22, 2020, or any time earlier that the bid is completed or terminated. Weston can repurchase up to 69,506 shares per day, with the exception of block purchases, according to the release.
Weston also said it could enter purchase or swap contracts to be settled by physical settlement, cash settlement or a combination of both.
As of May 9, George Weston had 153,529,168 common shares outstanding.
Under a previous NCIB that began May 23, 2018, and will end on May 22, Weston repurchased 1,325,562 shares at a weighted average price of C$96.52 each.