Couche-Tard Announces Share Repurchase Program

Alimentation Couche-Tard Inc. announced that The Toronto Stock Exchange has approved its share repurchase program.

The company is now authorized to repurchase up to 2,685,335 Class A multiple voting shares (representing 5 % of the 53,706,712 Class A multiple voting shares issued and outstanding) and 11,621,801 Class B subordinate voting shares (representing 10 % of the 116,218,014 Class B subordinate voting shares of the public float) as at Oct. 20, 2010.

The net average daily trading volume for the six-month period preceding Oct. 20, represents 1,073 Class A multiple voting shares and 334,488 Class B subordinate voting shares.

In accordance with the Toronto Stock Exchange requirements, a maximum daily repurchase of the greater of 25% of these averages or 1,000 shares may be made, which represent a total of 1,000 Class A multiple voting shares and a total of 83,622 Class B subordinate voting shares.

By making such repurchases, the number of Class A multiple voting shares and of Class B subordinate voting shares in circulation will be reduced and the proportionate interest of all remaining shareholders in the share capital of the company will be increased on a pro rata basis.

Couche-Tard may repurchase Class A multiple voting shares and Class B subordinate voting shares on the open market through the facilities of The Toronto Stock Exchange, from time to time, over the course of 12 months, starting on Oct. 25, 2010 and ending at the latest on Oct. 24, 2011.

All shares repurchased under the share repurchase program will be cancelled upon their repurchase. In connection with the program, the company has established an automatic securities purchase plan to provide standard instructions regarding how its shares are to be repurchased under the program.

Couche-Tard may repurchase its shares under the automatic plan on any trading day during the program including during self-imposed trading blackout periods. The automatic plan will commence and should terminate together with the program. It constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and has been reviewed by The Toronto Stock Exchange.

Couch-Tard has not repurchased shares under its previous share repurchase program, which was announced on Aug. 4, 2009.

Couche-Tard’s network is comprised of 5,869 convenience stores, 4,141 of which include motor fuel dispensing, located in 11 large geographic markets, including eight in the United States covering 42 states and the District of Columbia, and three in Canada covering all 10 provinces.

 

 

 

 

css.php