07:52 AM EDT, 05/02/2025 (MT Newswires) -- Grocer Loblaw Companies ( LBLCF ) on Friday said that the Toronto Stock Exchange approved its normal course issuer bid (NCIB).

The company may purchase up to about 14.95 million of its common shares during the 12-month period from May 6 to May 5, 2026, representing about 5% of the issued and outstanding common shares.

Loblaw ( LBLCF ) had around 299 million outstanding common shares as of April 22.

A statement noted that based on the average daily trading volume of 362,601 during the last six months, daily purchases will be limited to 90,650 common shares, other than block purchase exceptions and purchases from George Weston Limited ( WNGRF ) , Loblaw's ( LBLCF ) majority shareholder.

The company added that the maximum number of common shares that may be purchased pursuant to the NCIB will be reduced by the number of common shares purchased by Loblaw ( LBLCF ) from George Weston Limited ( WNGRF ).

Additionally, the company said it may enter into forward purchase or swap contracts in connection with common shares which may be settled by physical settlement, cash settlement or a combination thereof and that the forward price will be based on market price, dividend yield and market interest rates. It may also purchase common shares through private agreements or share repurchase programs if it receives an issuer bid exemption order permitting it to make such purchases and these purchases may be at a discount to the prevailing market price as provided in the relevant issuer bid exemption order.

Loblaw ( LBLCF ) said that the common shares purchased under the NCIB will be cancelled or used in connection with the settlement of restricted share units or performance share units.

The company said it intends to enter into an automatic share purchase plan with a broker on or about May 6, in order to facilitate repurchases of Loblaw's ( LBLCF ) common shares under its NCIB, during which Loblaw's ( LBLCF ) broker may purchase common shares at times when the company would not be active in the market due to insider trading rules and its own internal trading blackout periods.