Montreal, September 3, 2010 - METRO INC. announces that the renewal of its issuer bid program has been approved by the Toronto Stock Exchange. The Company decided to renew the issuer bid program as an additional option for using excess funds. Thus, the Company will be able to repurchase, in the normal course of business, between September 8, 2010 and September 7, 2011, up to 6,000,000 of its Class A Subordinate Shares representing approximately 8.5% of its outstanding public float on August 31, 2010. On August 31, 2010, there were 104,858,927 issued and outstanding shares of which 70,042,248 were part of the outstanding public float of the Company. The average daily trading volume of Company's Class A Subordinate Shares over the last six (6) completed months was 236,669 shares. Accordingly, under the Toronto Stock Exchange Requirements, the Company is entitled on any trading day to purchase up to 59,167 Class A subject to the Toronto Stock Exchange Requirements regarding block purchases. Subordinate Shares. Repurchases will be made through that stock exchange at market price and in accordance with its requirements. The Class A Subordinate Shares so repurchased will be cancelled. Under the existing normal course issuer bid program, from September 8, 2009 to August 31, 2010, the Company repurchased 3,870,100 Class A Subordinate shares at a weighted average price of $ 40.20 per share for a total of $ 155,575,187.
With annual sales of over $11 billion and over 65,000 employees, Metro Inc. 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.
Information: Richard Dufresne, Senior Vice-President, Chief Financial Officer and Treasurer