Maple Leaf Foods Filed Notice of Intention
TORONTO, Apr 30, 2008 (Canada NewsWire via COMTEX News Network) -- TSX: MFI www.mapleleaf.com
Maple Leaf Foods Inc. today announced that it has filed a Notice of Intention to make a normal course issuer bid with The Toronto Stock Exchange (the "TSX") and that the TSX has accepted the Notice of Intention. Under the bid, the Company will have the right to purchase, commencing May 2, 2008, up to a maximum of 4,400,000 of its Common Shares (representing approximately 4.1% of its outstanding Common Shares) over the following 12 months through the facilities and in accordance with the requirements of the TSX. The Company had 107,776,271 Common Shares issued and outstanding as of April 25, 2008. Common Shares purchased by the Company under the bid will be cancelled. Daily purchases will be limited to 36,328 common shares, other than block purchasing exceptions.
The normal course issuer bid will remain in effect until the earlier of the date on which the maximum number of Common Shares permitted under the bid have been purchased, the date the Company provides notice of termination of the bid, or May 1, 2009.
Management considers the normal course issuer bid to be in the best interests of the Company. The purchase of Common Shares would offset the dilutive effect of share issuances on existing shareholders arising from: the issue from treasury of Common Shares under the Company's Share Incentive Plan, and pursuant to acquisitions. In addition, the Company may at certain times purchase its common shares if it believes that the market price of its common shares is attractive and that the purchase would be in the best interest of the Company.
Maple Leaf Foods Inc. is a leading Canadian food processing company committed to delivering quality food products to consumers around the world. Headquartered in Toronto, Canada, the Company employs approximately 23,000 people at its operations across Canada and in the United States, Europe and Asia. Maple Leaf Foods Inc. had sales of more than $5.2 billion in 2007.
SOURCE: Maple Leaf Foods Inc.Lynda Kuhn, (416) 926-2026