TORONTO, Feb. 13, 2013 /CNW/ - Shoppers Drug Mart Corporation (the "Company") announced today that the Toronto Stock Exchange (the "TSX") has accepted the notice filed by the Company to renew its normal course issuer bid ("NCIB") program. The renewed NCIB program commences on February 15, 2013 and will terminate on February 14, 2014, or on such earlier date as the Company may complete its purchases pursuant to a Notice of Intention filed with the TSX. Under the renewed NCIB program, the Company is authorized to purchase up to 10,200,000 of its common shares, representing approximately 5.0% of the 204,071,196 common shares outstanding as at February 6, 2013, by way of normal course purchases effected through the facilities of the TSX. Common shares purchased by the Company will be cancelled.
Purchases will be made by the Company in accordance with the requirements of the TSX and the price which the Company will pay for any such common shares will be the market price of any such common shares at the time of acquisition, or such other price as may be permitted by the TSX. In connection with the NCIB program, the Company intends to enter into an automatic purchase plan with its designated broker to allow for purchases of its common shares during certain pre-determined black-out periods, subject to certain parameters as to price and number of shares. Outside of these pre-determined black-out periods, shares will be repurchased in accordance with management's discretion, subject to applicable law. For purposes of the TSX rules, a maximum of 146,845 common shares may be purchased by the Company on any one day under the bid, except where purchases are made in accordance with the "block purchase exception" of the TSX rules.