11:39:23 EDT Sun 20 May 2018
Enter Symbol
or Name

Shoppers Drug Mart Corp
Symbol C : SC
Shares Issued 204,071,196
Close 2013-02-12 C$ 41.85
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Shoppers Drug Mart to buy back 10.2 million shares

2013-02-13 13:33 ET - News Release

Ms. Tammy Smitham reports


The Toronto Stock Exchange has accepted the notice filed by Shoppers Drug Mart Corp. to renew its normal course issuer bid program. The renewed normal course issuer bid program commences on Feb. 15, 2013, and will terminate on Feb. 14, 2014, or on such earlier date as the company may complete its purchases pursuant to a notice of intention filed with the TSX. Under the renewed normal course issuer bid program, the company is authorized to purchase up to 10.2 million of its common shares, representing approximately 5 per cent of the 204,071,196 common shares outstanding as at Feb. 6, 2013, by way of normal course purchases effected through the facilities of the TSX. Common shares purchased by the company will be cancelled.

Purchases will be made by the company in accordance with the requirements of the TSX and the price which the company will pay for any such common shares will be the market price of any such common shares at the time of acquisition, or such other price as may be permitted by the TSX. In connection with the normal course issuer bid program, the company intends to enter into an automatic purchase plan with its designated broker to allow for purchases of its common shares during certain predetermined blackout periods, subject to certain parameters as to price and number of shares. Outside of these predetermined blackout periods, shares will be repurchased in accordance with management's discretion, subject to applicable law. For purposes of the TSX rules, a maximum of 146,845 common shares may be purchased by the company on any one day under the bid, except where purchases are made in accordance with the block purchase exception of the TSX rules.

Under its previously approved normal course issuer bid program that will expire on Feb. 14, 2013, as of Feb. 6, 2013, the company had repurchased 8,308,900 common shares at a total cost of $346-million, representing an average repurchase price of $41.60 per common share. Of the repurchased common shares, 8,168,900 shares were subsequently cancelled, with the remaining 140,000 repurchased common shares expected to be cancelled on Feb. 28, 2013.

The company is renewing the normal course issuer bid program because it believes that, from time to time, the market price of its common shares may be attractive and that, at such times, the purchase of common shares would be in the best interest of the company and an appropriate use of corporate funds in light of potential benefits to remaining shareholders.

We seek Safe Harbor.

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