BRAMPTON, ON, Dec. 9, 2024
/CNW/ - (TSX: L) (TSX: L.PR.B) – Loblaw Companies Limited ("Loblaw"
or the "Company") announced today its intention to redeem for cash
all of its 9,000,000 outstanding Second Preferred Shares, Series B
(the "Series B Shares") on January 8,
2025 (the "Redemption Date") at a redemption price equal to
$25.00 per share, for an aggregate
amount of $225 million, together with
all accrued and unpaid dividends up to but excluding the Redemption
Date in the amount of $0.02944 per
Series B Share (collectively, the "Redemption Price"), less any tax
required to be deducted and withheld by the Company.
Formal notice will be delivered to the sole registered holder of
the Series B Shares in accordance with the terms of the Series B
Shares contained in the Company's articles.
The Series B Share redemption will not impact the Company's
previously announced quarterly dividend on the Series B Shares,
payable on December 31, 2024 to
shareholders of record on December 15,
2024. After the Series B Shares are redeemed, holders of
Series B Shares will cease to be entitled to dividends and will not
be entitled to exercise any rights as holders other than to receive
the Redemption Price.
Non-registered holders of Series B Shares should contact their
broker or other intermediary for information regarding the
redemption process for the Series B Shares in which they hold a
beneficial interest. The Company's transfer agent for the Series B
Shares is Computershare Trust Company of Canada ("Computershare"). Questions regarding
the redemption process may be directed to Computershare at
1-800-564-6253 or by email to
corporateactions@computershare.com.
Following the redemption on January 8,
2025, the Series B Shares will be delisted from and no
longer trade on the Toronto Stock Exchange ("TSX").
About Loblaw Companies Limited
Loblaw is Canada's food and
pharmacy leader, and the nation's largest retailer. Loblaw provides
Canadians with grocery, pharmacy, health and beauty, apparel,
general merchandise, financial services and wireless mobile
products and services. With more than 2,500 corporate franchised
and Associate-owned locations, Loblaw, its franchisees and
Associate-owners employ more than 220,000 full- and part-time
employees, making it one of Canada's largest private sector employers.
Loblaw's purpose — Live Life Well® — puts first the
needs and well-being of Canadians who make one billion transactions
annually in the company's stores. Loblaw is positioned to meet and
exceed those needs in many ways: convenient locations; more than
1,100 grocery stores that span the value spectrum from discount to
specialty; full-service pharmacies at nearly 1,400 Shoppers Drug
Mart® and Pharmaprix® locations and close to
500 Loblaw locations; PC Financial® services;
Joe Fresh® fashion and
family apparel; and four of Canada's top-consumer brands in Life
Brand®, Farmer's Market™, no name® and
President's Choice®. For more information, visit
Loblaw's website at www.loblaw.ca and Loblaw's issuer profile at
www.sedarplus.ca.
Forward-Looking Statements
This press release may contain forward-looking information
within the meaning of applicable securities legislation, which
reflects Loblaw's current expectations regarding future events,
including Loblaw's intention to redeem the Series B Shares and the
subsequent delisting thereof from the TSX. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond
Loblaw's control that could cause actual results and events to
differ materially from those that are disclosed in or implied by
such forward-looking information. Such risks and uncertainties
include, but are not limited to, the factors discussed in Loblaw's
2024 Third Quarter Report to Shareholders and current Annual
Information Form. Loblaw does not undertake any obligation to
update such forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law. All forward-looking statements
contained in this press release are made as of the date hereof and
are qualified by these cautionary statements.
SOURCE Loblaw Companies Limited