Tim Hortons Inc. announces the purchase through private agreement of up to
1.27 million common shares under its share repurchase program
OAKVILLE, ON, May 14, 2013
(All amounts in Canadian dollars)
OAKVILLE, ON, May 14, 2013 /PRNewswire/ - Tim Hortons Inc. (NYSE: THI) (TSX:
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.
Safe Harbor Statement
Certain information in this news release, particularly information regarding
future economic performance, finances, and plans, expectations and objectives
of management, and other information, constitutes forward-looking information
within the meaning of Canadian securities laws and forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
We refer to all of these as forward-looking statements. Various factors
including competition in the quick service segment of the food service
industry, general economic conditions and others described as "risk factors"
in the Company's 2012 Annual Report on Form 10-K filed February 21^st, 2013,
and our Quarterly Report on Form 10-Q filed on May 8^th, 2013 with the U.S.
Securities and Exchange Commission and Canadian Securities Administrators,
could affect the Company's actual results and cause such results to differ
materially from those expressed in forward-looking statements. As such,
readers are cautioned not to place undue reliance on forward-looking
statements contained in this news release, which speak only as to management's
expectations as of the date hereof.
Forward-looking statements are based on a number of assumptions which may
prove to be incorrect, including, but not limited to, assumptions about: the
absence of an adverse event or condition that damages our strong brand
position and reputation; the absence of a material increase in competition or
in volume or type of competitive activity within the quick service restaurant
segment of the food service industry; general worldwide economic conditions;
cost and availability of commodities; the ability to retain our senior
management team or the inability to attract and retain new qualified
personnel; continuing positive working relationships with the majority of the
Company's restaurant owners; the absence of any material adverse effects
arising as a result of litigation; and there being no significant change in
the Company's ability to comply with current or future regulatory
We are presenting this information for the purpose of informing you of
management's current expectations regarding these matters, and this
information may not be appropriate for any other purpose. We assume no
obligation to update or alter any forward-looking statements after they are
made, whether as a result of new information, future events, or otherwise,
except as required by applicable law. Please review the Company's Safe Harbor
Statement at www.timhortons.com/en/about/safeharbor.html.
Tim Hortons Inc. Overview
Tim Hortons is one of the largest publicly-traded restaurant chains in North
America based on market capitalization, and the largest in Canada. Operating
in the quick service segment of the restaurant industry, Tim Hortons appeals
to a broad range of consumer tastes, with a menu that includes premium coffee,
espresso-based hot and cold specialty drinks, including lattes, cappuccinos
and espresso shots, specialty teas and fruit smoothies, home-style soups,
fresh Panini and classic sandwiches, wraps, hot breakfast sandwiches and fresh
baked goods, including our trademark donuts. As of March 31^st, 2013, Tim
Hortons had 4,288 systemwide restaurants, including 3,453 in Canada, 808 in
the United States and 27 in the Gulf Cooperation Council. More information
about the Company is available at www.timhortons.com.
SOURCE Tim Hortons Inc.
Scott Bonikowsky, (905) 339-6186 firstname.lastname@example.org
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