LAVAL, QC, Oct. 21 /PRNewswire/ - ATD.A, ATD.B / TSX - Alimentation Couche-Tard Inc. announced that The Toronto Stock Exchange has approved its share repurchase program (the "program"), authorizing the Company to repurchase up to 2,685,335 Class A multiple voting shares (representing 5 % of the 53,706,712 Class A multiple voting shares issued and outstanding) and 11,621,801 Class B subordinate voting shares (representing 10 % of the 116,218,014 Class B subordinate voting shares of the public float) as at October 20, 2010. The net average daily trading volume for the 6-month period preceding October 20, 2010 represents 1,073 Class A multiple voting shares and 334,488 Class B subordinate voting share. In accordance with the Toronto Stock Exchange requirements, a maximum daily repurchase of the greater of 25% of these averages or 1,000 shares may be made, which represent a total of 1,000 Class A multiple voting shares and a total of 83,622 Class B subordinate voting shares. By making such repurchases, the number of Class A multiple voting shares and of Class B subordinate voting shares in circulation will be reduced and the proportionate interest of all remaining shareholders in the share capital of the Company will be increased on a pro rata basis.
The Company may repurchase Class A multiple voting shares and Class B subordinate voting shares on the open market through the facilities of The Toronto Stock Exchange, from time to time, over the course of twelve months commencing October 25, 2010 and ending at the latest on October 24, 2011. All shares repurchased under the share repurchase program will be cancelled upon their repurchase. In connection with the program, the Company has established an automatic securities purchase plan to provide standard instructions regarding how the Company's shares are to be repurchased under the program. Accordingly, the Company may repurchase its shares under the automatic plan on any trading day during the program including during self-imposed trading blackout periods. The automatic plan will commence and should terminate together with the program. It constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed by The Toronto Stock Exchange.
The Company has not repurchased shares under its previous share repurchase program which was announced on August 4, 2009.
Alimentation Couche-Tard Inc. is the leader in the Canadian convenience store industry. In North America, Couche-Tard is the largest independent convenience store operator (whether integrated with a petroleum company or not) in terms of number of company-operated stores. Couche-Tard's network is comprised of 5,869 convenience stores, 4,141 of which include motor fuel dispensing, located in 11 large geographic markets, including eight in the United States covering 42 states and the District of Columbia, and three in Canada covering all ten provinces. More than 53,000 people are employed throughout Couche-Tard's retail convenience network and service centers.
SOURCE ALIMENTATION COUCHE-TARD INC.