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Tim Hortons approves share repurchase program
February 26, 2009
OAKVILLE, Ontario — Tim Hortons Inc. has announced that on Feb. 25, the company obtained regulatory approval from the Toronto Stock Exchange to repurchase up to $200 million (Canadian) in common shares, not to exceed the regulatory maximum of 9,077,438 shares, equivalent to 5 percent of the outstanding common shares at the time of regulatory approval.
Purchases will be made under the repurchase program at management's discretion, subject to applicable regulatory requirements and market, cost and other considerations.
The 2009 program will commence March 2 and will end March 1, 2010, or sooner if the $200 million, or 5 percent share maximum, has been reached. The program also may be terminated at the company's discretion in compliance with applicable regulatory requirements.
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