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Loblaw Enters Automatic Share Purchase Plan for EQB Stock

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Loblaw Companies (L.TO)on Tuesday said it entered into an automatic share purchase plan with a broker to facilitate purchases of EQB (EQB.TO) common shares in connection with the closing of the sale of President's Choice Bank and certain affiliated entities to EQB.

The broker may purchase up to a maximum number of EQB shares that, together with the 8.46-million shares already owned by Loblaw, would equal the lesser of 10.60 million shares or 24.90% of EQB's issued and outstanding common shares at any given time.

The automatic share purchase plan will terminate once the maximum amount has been acquired, unless ended earlier under its terms.

Loblaw shares closed down C$0.78 to C$64.18 on Toronto Stock Exchange on Tuesday. While EQB shares closed C$0.75 down to C$136.51.

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