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Tim Hortons kicks off prize contest, repurchasing program
February 23, 2009
DUBLIN, Ohio — Tim Hortons is offering customers a chance to win one of more than 31 million prizes, including 35 Toyota 2009 Venzas, with its Roll Up the Rim to Win contest, the company has announced.
Customers participate by purchasing a medium, large or extra large hot beverage at Tim Hortons and rolling up the rim of the special contest cup, giving them a chance to win one of 100 $10,000 cash prizes, 1,000 Toshiba laptops, 25,000 $100 Tim Cards and more than 31 million food prizes.
Customers also can play Roll up the Rim to Win online at rolluptherimtowin.com. Every day from Feb. 23 - March 22, one person will be awarded coffee for a year through the online promotion.
Tim Hortons also has created a special edition of Roll up the Rim to Win for military personnel serving at Kandahar Air Field (KAF) in Afghanistan, where Tim Hortons operates a specially designed food-service trailer. Prizes for the Kandahar edition include five cash prizes of $1,000, 100 Toshiba Laptops, 1,000 special edition Tim Hortons Kandahar hats and more than 6,000 food prizes. Roll Up the Rim to Win at KAF begins Feb. 23.
The Roll Up The Rim To Win contest runs while cup supplies last. Prizes may be claimed until May 24. Contest rules and regulations, prizing information and winner counts can be found at participating Tim Hortons locations or at rolluptherimtowin.com.
Repurchasing program
Tim Hortons Inc. has announced it plans to begin its previously announced 12-month share repurchase program in March 2009, subject to receipt of final regulatory approval. Commencement of the new program was shifted to the first quarter of 2009 to fully align the company's capital allocation decisions including capital expenditures, dividends and share repurchases.
The company also announced that it has commenced a feasibility assessment of various initiatives relating to its corporate structure, with the support of external advisors, including potentially reorganizing as a Canadian public company.
The company purchased 5.952 million shares under its 2007-2008 share repurchase program at an average price of $33.52 per share. In 2008, the TDL RSU Plan Trust also purchased 115,947 shares at an average price of $33.16 per share. In addition, 6,802 shares were purchased on the open market through an agent to settle equity compensation awards that were not settled from the trust, at an average price of $33.13 per share.
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