George Weston Limited - Normal Course Issuer Bid

    




 TORONTO, May 9, 2012 /CNW/ -  - George Weston Limited ("Weston") announced today that the Toronto  Stock Exchange ("TSX") has accepted a notice filed by Weston of its  intention to make a normal course issuer bid ("NCIB"). 

 The NCIB notice provides that Weston may, during the 12-month period  commencing May 11, 2012 and terminating May 10, 2013, purchase up to  6,409,499 of Weston's common shares ("Common Shares"), representing 5%  of the 128,189,996 Common Shares outstanding as of April 27, 2012, by  way of a NCIB over the facilities of the TSX or through alternative  trading systems (such as Alpha ATS). Daily purchases will be limited to  23,837 Common Shares, other than pursuant to block purchase exceptions. 

 Purchases of Common Shares will be made in open market transactions over  the facilities of the TSX or alternative trading systems (such as Alpha  ATS). In addition, Weston 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. The  forward price will be based on market price, dividend yield and market  interest rates. 

 Decisions regarding the timing of future purchases of Common Shares will  be based on market conditions, share price and other factors. Weston  may elect to suspend or discontinue its NCIB at any time. Common Shares  purchased under the NCIB will be cancelled. Weston believes that the  market price of Common Shares could be such that their purchase may be  an attractive and appropriate use of corporate funds. Weston may also  use its NCIB to acquire the number of Common Shares that are issued  pursuant to the exercise of options in order to offset the dilutive  effect of options that have been exercised.  Weston purchased 904,260  Common Shares at a weighted average price of $67.45 pursuant to its  previous NCIB. 

 From time to time, when Weston does not possess material non-public  information about itself or its securities, it may enter into a  pre-defined plan with its broker to allow for the purchase of Common  Shares at times when Weston ordinarily would not be active in the  market due to its own internal trading blackout periods and insider  trading rules. Any such plans entered into with the Weston's broker  will be adopted in accordance with the requirements of applicable  Canadian securities laws. 

 About George Weston Limited 

 George Weston Limited is a Canadian public company founded in 1882 and  through its operating subsidiaries constitutes one of North America's  largest food processing and distribution groups. George Weston Limited  has two reportable operating segments: Weston Foods and Loblaw, which  is operated by Loblaw Companies Limited. The Weston Foods operating  segment is primarily engaged in the baking industry within North  America. Loblaw is Canada's largest food distributor and a leading  provider of general merchandise, drugstore and financial products and  services. 

George Weston Limited


CONTACT:  Geoffrey H. WilsonSenior Vice President, Financial Control and Investor Relations(416) 922-2500 


    

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