(RTTNews) - Loblaw Companies Ltd (L.TO), a food and pharmacy company, Friday announced that it has entered into an automatic share purchase plan with a broker to facilitate repurchases of its shares under the normal course issuer bid or NCIB.
Previously, the company had said that it had received approval from the Toronto Stock Exchange to repurchase up to 16,055,686 shares representing around 5 percent of the 321,113,731 Common Shares issued, by way of NCIB or through alternative trading systems during the 12 months commencing from May 5 till May 4, 2024.
The company's broker may purchase the shares when Loblaw is not active in the market due to insider trading rules and its own internal trading blackout periods.
The purchases made by the broker will be bound by the parameters set by the company when it does not have any material non-public information about itself and its securities.
On Thursday, Loblaw shares closed at C$127.37, up 0.25% in Toronto.
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