A Loblaws grocery store is shown at a Bowmanville, Ont. shopping centre on Tuesday Feb. 28, 2023. Loblaw Cos. Ltd. and parent company George Weston Ltd. say they have both entered into automatic share purchase plans with brokers. THE CANADIAN PRESS/Doug Ives
BRAMPTON, Ont. – Loblaw Cos. Ltd. and parent company George Weston Ltd. say they have both entered into automatic share purchase plans with brokers.
The plans will allow the grocer’s broker to buy back shares at times when Loblaw and George Weston would not be active because of insider trading rules and internal trading blackout periods.
The automatic buybacks will form part of the companies’ existing repurchase programs.
Loblaw has a program running until May 4 to buy up to 16 million shares or about five per cent of its issued and outstanding shares.
George Weston’s normal course issuer bid runs to May 24, under which it could buy up to almost seven million shares, also about five per cent of issued and outstanding shares.
Companies routinely conduct share buyback programs as a way to return capital to shareholders and to try to boost share price.
This report by The Canadian Press was first published Dec. 29, 2023.
Companies in this story: (TSX:WN; TSX:L)
