LAVAL, QC, April 21, 2021
/PRNewswire/ - Alimentation Couche-Tard Inc. ("Couche–Tard" or
the "Corporation") (TSX: ATD.A) (TSX: ATD.B) announced today that
it has terminated early the share repurchase program it had
commenced on November 27, 2020 (the
"Terminated Program"). Couche-Tard's Terminated Program
authorized Couche-Tard to repurchase for cancellation up to
33,336,141 Class B Subordinate Voting Shares. During the period
ending April 23, 2021, Couche-Tard will have
repurchased for cancellation all of the 33,336,141 Class B
Subordinate Voting Shares under its Terminated Program through the
facilities of the Toronto Stock Exchange ("TSX") and
alternative Canadian trading systems for an approximate total cost
of US $1,063,373,884 and at a
weighted average price paid per share of approximately
US $31.90.
Couche-Tard also announced today that the TSX has approved the
commencement of a new share repurchase program (the "New
Program"). Under the New Program, Couche–Tard is authorized
to repurchase up to 32,056,988 Class B Subordinate Voting Shares,
representing 4% of the 801,424,691 Class B Subordinate Voting
Shares comprising Couche-Tard's "public float" (as such term is
defined in the TSX Company Manual) as at April 19, 2021 (or 3.87% of the
827,352,346 issued and outstanding Class B Subordinate
Voting Shares as at April 19, 2021).
In accordance with TSX requirements, the maximum number of Class
B Subordinate Voting Shares that Couche-Tard may have asked
authorization to repurchase under the New Program is 46,806,328
Class B Subordinate Voting Shares, and equals the maximum annual
limit of 10% of Couche-Tard's "public float" minus the amount of
33,336,141 Class B Subordinate Voting Shares which were repurchased
by Couche-Tard under its Terminated Program.
The average daily trading volume for the six-month period
preceding April 1, 2021 represents
2,604,432 Class B Subordinate Voting Shares. In accordance with TSX
requirements, Couche–Tard is entitled to purchase, on any trading
day, up to a total of 651,108 Class B Subordinate Voting Shares
representing 25% of this average daily trading volume.
Couche-Tard believes that the purchase of up to 32,056,988 Class
B Subordinate Voting Shares under the New Program is an appropriate
use of its funds and a desirable investment for Couche-Tard and,
therefore, would be in the best interests of Couche-Tard. By making
such repurchases, the number of Class B Subordinate Voting Shares
in circulation will be reduced and the proportionate interest of
all remaining shareholders in the share capital of Couche-Tard will
be increased on a pro rata basis.
Couche-Tard may repurchase up to 32,056,988 Class B Subordinate
Voting Shares on the open market through the facilities of the TSX
as well as through other alternative Canadian trading systems, from
time to time, over the course of twelve months commencing on
April 26, 2021 and ending at the
latest on April 25, 2022.
The actual number of Class B Subordinate Voting Shares purchased
under the New Program, the timing of purchases and the price at
which the Class B Subordinate Voting Shares are bought will depend
upon management discretion based on factors such as market
conditions. All shares repurchased under the New Program will be
cancelled upon their repurchase.
In connection with the New Program, Couche-Tard will establish
an automatic securities purchase plan with a designated broker
whereby shares may be repurchased at times when such purchases
would otherwise be prohibited pursuant to regulatory restrictions
or self-imposed blackout periods. Under the automatic securities
purchase plan, before entering a self-imposed blackout period,
Couche-Tard may, but is not required to, ask the designated broker
to make purchases under the New Program. Such purchases will be
made at the discretion of the designated broker, within parameters
established by Couche-Tard prior to the blackout periods. Outside
the blackout periods, purchases will be made at the discretion of
Couche-Tard's management. The automatic securities purchase plan
will constitute an "automatic plan" for purposes of applicable
Canadian securities legislation and has been pre-cleared by the
TSX.
About Alimentation Couche-Tard Inc.
Couche-Tard is a global leader in convenience and fuel retail,
operating in 26 countries and territories, with more than 14,200
stores, of which approximately 10,800 offer road transportation
fuel. With its well-known Couche-Tard and Circle K banners, it is
the largest independent convenience store operator in terms of the
number of company-operated stores in the
United States and it is a leader in the convenience store
industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as
in Ireland. It also has an
important presence in Poland and
Hong Kong. Approximately 135,000
people are employed throughout its network.
For more information on Alimentation Couche-Tard Inc. please
visit: https://corpo.couche-tard.com.
Forward-Looking Statements
The statements set forth in this press release, which describes
Couche-Tard's objectives, projections, estimates, expectations or
forecasts, may constitute forward-looking statements within the
meaning of securities legislation. Positive or negative verbs such
as "believe", "can", "shall", "intend", "expect", "estimate",
"assume" and other related expressions are used to identify such
statements. Couche-Tard would like to point out that, by their very
nature, forward-looking statements involve risks and uncertainties
such that its results, or the measures it adopts, could differ
materially from those indicated in or underlying these statements,
or could have an impact on the degree of realization of a
particular projection. Major factors that may lead to a material
difference between Couche-Tard's actual results and the projections
or expectations set forth in the forward-looking statements include
the effects of the integration of acquired businesses and the
ability to achieve projected synergies, uncertainty related to the
duration and severity of the current COVID-19 pandemic,
fluctuations in margins on motor fuel sales, competition in the
convenience store and retail motor fuel industries, exchange rate
variations, and such other risks as described in detail from time
to time in the reports filed by Couche-Tard with securities
authorities in Canada. Unless
otherwise required by applicable securities laws, Couche-Tard
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking information in this
release is based on information available as of the date of the
release.
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SOURCE Alimentation Couche-Tard Inc.