MONTREAL, November 18, 2010 - Metro inc. (“Metro”) (TSX: MRU.A) announced today that it intends to purchase for cancellation up to 780,000 of its Class A Subordinate Shares pursuant to private agreements between Metro and an arm’s-length third-party seller. The purchases will form part of Metro’s 6-million share repurchase program announced on September 8, 2010.
Such purchases will be made pursuant to an issuer bid exemption order issued by the Ontario Securities Commission and will take place on or before January 31, 2011. The price that Metro will pay for any Class A Subordinate Shares purchased by it under such agreements will be negotiated by Metro and the seller and will be at a discount to the prevailing market price of Metro’s Class A Subordinate Shares on the Toronto Stock Exchange at the time of the purchase.
We have used, in this press release, different statements that could, within the context of regulations issued by the Canadian Securities Administrators, be construed as being forward-looking information (each a “forward-looking statement”). In general, any statement contained herein, which does not constitute a historical fact, may be deemed a forward-looking statement, including potential purchases of Class A Subordinate Shares for cancellation under a normal course issuer bid and pursuant to private agreements forming part thereof. Expressions such as “sustain”, “anticipate”, “intend” and other similar expressions are generally indicative of forward-looking statements. These forward-looking statements do not provide any guarantees as to the future performance of Metro and are subject to potential risks, known and unknown, as well as uncertainties that could cause the outcome to differ significantly. We believe these statements to be reasonable and pertinent as at the date of publication of this press release and represent our expectations. Metro assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable Canadian securities laws. In the event Metro does update any forward-looking statement, no inference should be made that Metro will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
With annual sales of over $11 billion and over 65,000 employees, Metro is a leader in the food and pharmaceutical sectors in Québec and Ontario, where it operates a network of more than 600 food stores under several banners including Metro, Metro Plus, Super C and Food Basics, as well as over 250 drugstores under the Brunet, The Pharmacy and Drug Basics banners.
Source : Metro inc.
Senior Vice-President, Chief Financial Officer and Treasurer
Director, Corporate Affairs Department