OAKVILLE, ON – Tim Hortons Inc. has recently announced that it will purchase for cancellation up to 2,120,000 of its common shares pursuant to one or more private agreements with an arm’s length third-party seller.
The common shares so purchased will count towards the 15,239,531 common shares that Tim Hortons is entitled to repurchase for cancellation under its share repurchase program first announced on February 21, 2013 and amended August 8, 2013.
Such purchases will be made pursuant to an issuer bid exemption order issued by the Ontario Securities Commission (the “Order”), and will take place by way of several transactions to be effected pursuant to the terms of the Order, which provides that such purchases shall occur by November 27, 2013.
The price that Tim Hortons will pay for the common shares purchased by it under such agreement will be negotiated by Tim Hortons and the seller and will be at a discount to the prevailing market price of Tim Hortons common shares on the Toronto Stock Exchange at the time of each purchase.
On March 1, 2013, the Ontario Securities Commission issued an issuer bid exemption order (the “March Order”) pursuant to clause 104(2)(c) of the Securities Act. Tim Hortons purchased 1.47 million common shares under the March Order, by way of separate private agreements with other arm’s length, third party sellers, as announced by Tim Hortons on May 14 and May 27, 2013.
Tim Hortons will not purchase, pursuant to private agreements under the Order or the March Order, in the aggregate, more than one-third of the maximum number of common shares that Tim Hortons may purchase under its normal course issuer bid (being 5,079,843 common shares).
Information regarding each private purchase, including the number of common shares purchased and aggregate purchase price paid, will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com following the completion of any such purchase.
