Business
Shoppers Drug Mart Corporation announces share repurchase program
Shoppers Drug Mart Corporation announces share repurchase program.
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\n\n\n\nTORONTO, Sept. 5 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC)\nannounced today that its Board of Directors has authorized the purchase of up\nto 5,400,000 of its common shares, representing approximately 2.5% of the\n216,580,279 common shares currently outstanding, by way of normal course\npurchases on the Toronto Stock Exchange (the "TSX"). The Company's current\nnormal course issuer bid program will terminate on September 7, 2007.\n\n\nSubject to regulatory approval, it is anticipated that purchases may\ncommence on September 10, 2007 and will terminate on September 9, 2008, or on\nsuch earlier date as the Company may complete its purchases pursuant to a\nNotice of Intention to be filed with the TSX. Purchases will be made by the\nCompany in accordance with the requirements of the TSX and the price which the\nCompany will pay for any such common shares will be the market price of any\nsuch common shares at the time of acquisition. Purchased common shares will be\ncancelled.\n\n\nCommenting on the share repurchase program, George Halatsis, Executive\nVice-President and CFO stated, "From time to time the Company expects to have\ncash or debt capacity in excess of its operating, financing and capital\ninvestment requirements. The renewal of our normal course issuer bid program\nprovides the Company with a flexible tool to address this. Additionally, the\nCompany believes that from time to time, the market price of its common shares\ncould be such that their purchase may be an attractive and appropriate use of\ncorporate funds in light of potential benefits to remaining shareholders.\nAccordingly, the renewal of this program provides the Company with an\nalternative means to distribute a portion of any excess cash to shareholders\nwho elect to participate by selling their shares."\n\n\nShoppers Drug Mart Corporation is one of the most recognized and trusted\nnames in Canadian retailing. The Company is the licensor of full-service\nretail drug stores operating under the name Shoppers Drug Mart (Pharmaprix in\nQuebec). With more than 1000 Shoppers Drug Mart and Pharmaprix stores\noperating in prime locations in each province and two territories, the Company\nis one of the most convenient retailers in Canada. The Company also owns and\noperates 60 Shoppers Home Health Care stores, making it the largest...