Tim Hortons Inc. THI
today announced that it will purchase for cancellation up to 1.27 million of
its common shares pursuant to a private agreement 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 (subject to a maximum aggregate purchase price of $250 million)
under its share repurchase program announced on February 21(st), 2013.
Such purchases will be made pursuant to an issuer bid exemption order issued
by the Ontario Securities Commission, and will take place by way of several
transactions to be effected pursuant to the terms of the applicable order,
which provides that such purchases shall occur prior to May 31(st), 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.
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