TORONTO and TAMPA, FL -- (Marketwire) -- 05/17/12 -- Cott Corporation ("Cott") (NYSE: COT) (TSX: BCB) today announced the Toronto Stock Exchange (the "TSX") has approved its notice of intention to make a normal course issuer bid for a portion of its common shares ("Common Shares") as appropriate opportunities arise from time to time. Cott's normal course issuer bid will be made in accordance with the requirements of the TSX and Rule 10b-18 of the Securities Exchange Act of 1934. Cott may begin to purchase Common Shares on or about May 22, 2012.
As of May 14, 2012, 95,197,240 Common Shares were outstanding, with a public float of 80,343,751 Common Shares. Pursuant to the notice, the maximum regulatory amount that Cott may acquire is 8,034,375 Common Shares, being 10% of the public float of Common Shares as of May 14, 2012 in the 12-month period commencing May 22, 2012 and ending on May 21, 2013. Potential purchases are subject to a maximum of $35 million set by Cott, and will be made through the facilities of the TSX and the New York Stock Exchange ("NYSE") and in accordance with applicable regulatory requirements. The price which Cott will pay for any Common Share will be the market price of such Common Share at the time of acquisition. Pursuant to the TSX rules, the maximum number of Common Shares that may be repurchased during the same trading day on the TSX is 22,643 Common Shares, subject to certain exceptions for block repurchases. Rule 10b-18 contains similar restrictions on daily purchases that may be made by Cott on the NYSE based on the average daily trading volume of Cott's common shares on the NYSE, subject to certain exceptions for block purchases. The Common Shares will be cancelled upon their purchase by Cott. Cott will fund the purchases through cash on hand.