Cott Announces TSX Approval of Renewal of Normal Course Issuer Bid
(Unless Stated Otherwise, All Information Is in U.S. Dollars.)
TORONTO and TAMPA, FL -- (Marketwired) -- 05/17/13 -- Cott Corporation ("Cott") (NYSE: COT) (TSX: BCB) today announced the Toronto Stock Exchange (the "TSX") has approved its notice of intention to renew its normal course issuer bid for a portion of its common shares ("Common Shares") as appropriate opportunities arise from time to time. Cott's normal course issuer bid will be made in accordance with the requirements of the TSX and Rule 10b-18 of the Securities Exchange Act of 1934.
As of May 13, 2012, 95,463,584 Common Shares were outstanding. Pursuant to the notice, the maximum amount that Cott may acquire is 4,773,179 Common Shares, being 5% of the issued and outstanding Common Shares of Cott as of May 13, 2013, commencing on May 22, 2013, following the expiration of Cott's currently effective share repurchase program on May 21, 2013, and ending on May 21, 2014. Potential purchases will be made through the facilities of the TSX and the New York Stock Exchange ("NYSE") and in accordance with applicable regulatory requirements. The price which Cott will pay for any Common Share will be the market price of such Common Share at the time of acquisition. Pursuant to the TSX rules, the maximum number of Common Shares that may be repurchased during the same trading day on the TSX is 39,530 Common Shares, subject to certain exceptions for block repurchases. Rule 10b-18 contains similar restrictions on daily purchases that may be made by Cott on the NYSE based on the average daily trading volume of Cott's common shares on the NYSE, subject to certain exceptions for block purchases. The Common Shares will be cancelled upon their purchase by Cott. Cott will fund the purchases through cash on hand. Cott believes that the purchase by Cott of a portion of outstanding Common Shares is an appropriate use of available cash and is in the best interests of Cott and its shareowners.
The notice of intention provides that no appraisal or valuation regarding Cott, its material assets or securities, has been prepared within the two years preceding the date of the notice.
To the knowledge of Cott, no director, senior officer or other insider of Cott currently intends to sell any Common Shares under the bid. However, sales by such persons through the facilities of the TSX or NYSE may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose Common Shares are purchased would be the same as the benefits available to all other securityholders whose Common Shares are purchased. As of May 13, 2013, 35,272 Common Shares were purchased under Cott's currently effective share repurchase program at a weighted average price of $7.30 per Common Share.
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