Toronto,
Ontario
– Maple Leaf Foods Inc. announced today that it has
filed a Notice of Intention to make a normal course
issuer bid with The Toronto Stock Exchange and that
the Exchange has accepted the Notice of Intention. Under the bid, the Company will have the
right to purchase, commencing March 2, 2001 up to a
maximum of 3,648,778 of its Common Shares
(representing approximately 5% of its outstanding
Common Shares) over the following twelve months
through the facilities of the Exchange
The Company currently has 72,975,576
Common Shares outstanding. Common Shares purchased by the Company under
the bid will be cancelled.
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 March 1, 2002.
Management
considers the normal course issuer bid to be in the
best interests of the Company.
The purchase of Common Shares would also
offset the dilutive effect of share issuances on
existing shareholders arising from the issue from
treasury of Common Shares under the Company’s Share
Option Plan or pursuant to acquisitions.
<p as="" of="" february="" 23,="" 2001,="" the="" company="" had="" purchased="" a="" total="" 231,100="" common="" shares="" at="" an="" average="" price="" $8.41on="" open="" market="" pursuant="" to="" issuer="" bid="" dated="" march="" 2,="" 2000.
Maple Leaf Foods Inc. is
a leading, global food processing company.
Headquartered in Toronto, the Company employs more
than 13,000 people at its operations across Canada,
in the United States, Europe and Asia. Maple Leaf
Foods Inc. had sales of more than $3.9 billion in
2000.