Press release from Marketwire
The Jean Coutu Group Sells Rite Aid Shares
Wednesday, June 26, 2013
The Jean Coutu Group Sells Rite Aid Shares16:49 EDT Wednesday, June 26, 2013
LONGUEUIL, QUÉBEC--(Marketwired - June 26, 2013) - On April 16, 2013, The Jean Coutu Group (PJC) Inc. ("The Jean Coutu Group" or the "Corporation") (TSX:PJC.A) completed the sale of 72,500,000 common shares of Rite Aid Corporation ("Rite Aid") after filing of a notice in accordance with the provisions of Rule 144 under the U.S. Securities Act of 1933. The Jean Coutu Group filed today an amended notice with the U.S. Securities and Exchange Commission indicating its intent to dispose of up to 40,500,000 additional common shares among its 105,901,162 common shares of Rite Aid and the sale of these shares has been completed today at an average price of US $2.75 per share for a net proceed of US $110.8 million. A gain of US $50.0 million will be recorded in the Corporation's net profit during the second 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 7.2%.
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 407 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, which employs more than 19,000 people. Furthermore, 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 more than 4,600 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