BRAMPTON, ON, Dec. 29,
2023 /CNW/ - Loblaw Companies Limited (TSX: L)
("Loblaw") announced today that it has entered into an automatic
share purchase plan ("ASPP") with a broker in order to facilitate
repurchases of Loblaw's common shares ("Common Shares") under its
previously announced normal course issuer bid ("NCIB").
Loblaw previously announced that it had received approval from
the Toronto Stock Exchange ("TSX") to, during the 12-month period
commencing May 5, 2023 and
terminating May 4, 2024, purchase up
to 16,055,686 Common Shares, representing approximately 5% of the
321,113,731 Common Shares issued and outstanding as of April 21, 2023, by way of a NCIB on the TSX or
through alternative trading systems or by such other means as may
be permitted under applicable law.
During the effective period of Loblaw's ASPP, Loblaw's broker
may purchase Common Shares at times when Loblaw would not be active
in the market due to insider trading rules and its own internal
trading blackout periods. Purchases will be made by Loblaw's broker
based upon parameters set by Loblaw when it is not in possession of
any material non-public information about itself and its
securities, and in accordance with the terms of the ASPP. Outside
of the effective period of the ASPP, Common Shares may continue to
be purchased in accordance with Loblaw's discretion, subject to
applicable law. The ASPP has been entered into in accordance with
the requirements of applicable Canadian securities laws.
About Loblaw Companies
Limited
Loblaw is Canada's food and
pharmacy leader, and the nation's largest retailer. Loblaw provides
Canadians with grocery, pharmacy, health and beauty, apparel,
general merchandise, financial services and wireless mobile
products and services. With more than 2,400 corporate, franchised
and Associate-owned locations, Loblaw, its franchisees and
Associate-owners employ more than 221,000 full- and part-time
employees, making it one of Canada's largest private sector employers.
Loblaw's purpose – Live Life Well® – puts first the needs and
well-being of Canadians who make one billion transactions annually
in the company's stores. Loblaw is positioned to meet and exceed
those needs in many ways: convenient locations; more than 1,050
grocery stores that span the value spectrum from discount to
specialty; full-service pharmacies at nearly 1,400 Shoppers Drug
Mart® and Pharmaprix® locations and close to 500 Loblaw locations;
PC Financial® services; affordable Joe Fresh® fashion and family
apparel; and four of Canada's
top-consumer brands in Life Brand®, Farmer's ™Market, no name® and
President's Choice®.
SOURCE Loblaw Companies Limited