Press release from Marketwire
The Jean Coutu Group Sells Rite Aid Shares
Tuesday, April 16, 2013
The Jean Coutu Group Sells Rite Aid Shares16:14 EDT Tuesday, April 16, 2013
LONGUEUIL, QUÉBEC--(Marketwired - April 16, 2013) - In accordance with the provisions of Rule 144 under the Securities Act of 1933, The Jean Coutu Group (TSX:PJC.A) filed on April 15, 2013 a notice confirming its intent to dispose up to 72,500,000 of its 178,401,162 common shares of Rite Aid Corporation (" Rite Aid "). The Jean Coutu Group completed the sale of these 72,500,000 common shares today. These shares were sold at an average price of US$2.20 per share for a net proceed of US$158.5 million. A gain of US$49.7 million will be recorded in the Corporation's net profit during the first quarter of the 2014 fiscal year.
The sale of these shares brings the Corporation's interest in Rite Aid's outstanding common shares down to 11.7%.
About The Jean Coutu Group
The Jean Coutu Group is one of the most trusted names in Canadian pharmacy retailing. The Corporation operates a network of 405 franchised stores located in the provinces of Québec, New Brunswick and Ontario under the banners of PJC Jean Coutu, PJC Clinique, PJC Santé and PJC Santé Beauté, and employs over 17,000 people. Furthermore, as of December 2007, the Jean Coutu Group owns Pro Doc Ltd ("Pro Doc"), a Québec-based subsidiary and manufacturer of generic drugs. The Corporation also holds an investment in Rite Aid Corporation ("Rite Aid") a national chain of drugstores in the United States with over 4,700 drugstores in 31 states and the District of Columbia.
FOR FURTHER INFORMATION PLEASE CONTACT:
The Jean Coutu Group (PJC) Inc.
Senior Vice-President, Finance and Corporate Affairs
(450) 646-9611, Ext. 1790
(450) 646-9611, Ext. 1165