The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

EMPIRE COMPANY ANNOUNCES NORMAL COURSE ISSUER BID

Wednesday, September 15, 2010

EMPIRE COMPANY ANNOUNCES NORMAL COURSE ISSUER BID15:47 EDT Wednesday, September 15, 2010STELLARTON, NS, Sept. 15 /CNW/ - Empire Company Limited (TSX: EMP.A) announced today that it has filed a notice with the Toronto Stock Exchange ("TSX") to purchase for cancellation up to 1,025,925 Non-Voting Class A shares representing approximately three percent of those outstanding, subject to obtaining regulatory approval. The purchases will be made through the facilities of the TSX. Currently 34,197,498 Non-Voting Class A shares are issued and outstanding. The price the Company will pay for any such shares will be the market price at the time of acquisition. Purchases may commence on September 20, 2010, and shall terminate not later than September 19, 2011.The Board of Directors and senior management of Empire are of the opinion that from time to time the purchase of Non-Voting Class A shares at the prevailing market prices is a worthwhile use of funds and in the best interests of Empire and its shareholders.The average daily trading volume (the "ADTV") of the Non-Voting Class A shares was 54,473 on the TSX over the last six completed calendar months. Accordingly, under the policies of the TSX, the Company is entitled to purchase, during any one trading day up to 13,618 Non-Voting Class A shares (being 25 percent of the ADTV of the Non-Voting Class A shares) on any trading day. The Company is entitled to purchase a larger amount of Non-Voting Class A shares per calendar week, subject to the maximum number that may be acquired under the normal course issuer bid, if the transaction meets the block purchase exception under the TSX rules. The Company has not purchased any Non-Voting Class A shares in the last 12 months.Forward-Looking StatementsThis news release contains forward-looking statements which reflect management's expectations regarding the Company's plans to purchase for cancellation Non-Voting Class A shares under the normal course issuer bid. These statements are based on management's reasonable assumptions and beliefs in light of the information currently available to them, and reflect expectations as of September 15, 2010. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements, including without limitation, regulatory approval, market and economic conditions, availability of sellers, changes in laws and regulations, operating efficiencies and cost saving initiatives. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. The Company does not undertake to update these forward-looking statements other than as required by applicable securities laws.About Empire CompanyEmpire Company Limited (TSX: EMP.A) is a Canadian company headquartered in Stellarton, Nova Scotia. Empire's core businesses include food retailing and related real estate. With over $15 billion in annual revenue and approximately $6.3 billion in assets, Empire and its related companies employ approximately 90,000 people, including franchisees and affiliates. More information about Empire Company can be found at www.empireco.ca.For further information: Paul V. Beesley, Executive Vice President & Chief Financial Officer, Telephone: (902) 755-4440; www.empireco.ca