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George Weston Limited - Normal Course Issuer Bid
George Weston Limited - Normal Course Issuer Bid Canada NewsWire TORONTO, May 18...
About this update from George Weston Limited
[{"type":"text","content":"\n\n\n\nGeorge Weston Limited - Normal Course Issuer Bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 18, 2017\n\n\n\nTORONTO, May 18, 2017 /CNW/ - (TSX: WN) – George Weston Limited (\"Weston\") announced today that the Toronto Stock Exchange (\"TSX\") has accepted a notice filed by Weston of its intention to make a normal course issuer bid (\"NCIB\"). \n\n\n \n \n\n \nThe NCIB notice provides that Weston may, during the 12-month period commencing May 20, 2017 and terminating May 19, 2018, purchase up to 6,395,185 Weston common shares (\"Common Shares\"), representing 5% of the 127,903,707 Common Shares outstanding as of May 3, 2017, by way of a NCIB over the facilities of the TSX or through alternative trading systems. Based on the average daily trading volume of 120,038 during the last six months, daily purchases will be limited to 30,010 Common Shares, other than block purchase exceptions.\n\nPurchases of Common Shares will be made in open market transactions over the facilities of the TSX or alternative trading systems. In addition, Weston may enter into forward purchase or swap contracts in connection with Common Shares which may be settled by physical settlement, cash settlement or a combination thereof. The forward price will be based on market price, dividend yield and market interest rates.  \n\nDecisions regarding the timing of future purchases of Common Shares will be based on market conditions, share price and other factors. Weston may elect to suspend or discontinue its NCIB at any time. Common Shares purchased under the NCIB will be cancelled or transferred to and held by trusts established by Weston for the settlement of equity settled incentive plans. Weston believes that the market price of Common Shares could be such that their purchase may be an attractive and appropriate use of corporate funds. Weston may also use its NCIB to acquire the number of Common Shares that are issued pursuant to the exercise of options in order to offset the dilutive effect of options that have been exercised.  Within ...