LAVAL, Québec -- Alimentation Couche-Tard Inc. has announced that The Toronto Stock Exchange has approved its share repurchase program, authorizing the company to purchase up to 2,693,860 Class A multiple voting shares (representing 5% of the 53,877,212 Class A multiple voting shares issued and outstanding) and 14,031,210 Class B subordinate voting shares (representing 10% of the 140,312,108 Class B subordinate voting shares of the public float) as at July 29, 2008.
The net average daily trading volume for the six-month period preceding July 29, 2008, represents 2,806 Class A multiple [image-nocss] voting shares and 350,988 Class B subordinate voting share. In accordance with the Toronto Stock Exchange requirements, a maximum daily repurchase of the greater of 25% of these averages or 1,000 shares may be made, which represent a total of 1,000 Class A multiple voting shares and a total of 87,747 Class B subordinate voting shares. By making such purchases, the number of Class A multiple voting shares and of Class B subordinate voting shares in circulation will be reduced and the proportionate interest of all remaining shareholders in the share capital of the company will be increased on a pro rata basis.
The company may purchase Class A multiple voting shares and Class B subordinate voting shares on the open market through the facilities of The Toronto Stock Exchange, from time to time, over the course of twelve months commencing Aug. 8, 2008, and ending at the latest on Aug. 7, 2009. All shares purchased under the share repurchase program will be cancelled. In connection with the program, the company has established an automatic securities purchase plan to provide standard instructions regarding how the company's shares are to be purchased under the program. Accordingly, the company may purchase its shares under the automatic plan on any trading day during the program including during self-imposed trading blackout periods. The automatic plan will commence and should terminate together with the program. It constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been approved by The Toronto Stock Exchange.
Under its previous share repurchase program which was announced on Aug. 3, 2007, the company purchased a total of 2,125,400 of its Class A multiple voting shares and a total of 5,859,706 Class B subordinate voting shares as at July 31, 2008.
Laval, Quebec-based Couche-Tard is the second largest independent convenience store operator in North AMerica in terms of number of stores. As at April 27, 2008, its network consisted of 5,119 convenience stores, 3,273 of which include motor fuel dispensing, located in eleven large geographic markets, including eight in the United States covering 29 states and three in Canada covering six provinces.
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