TORONTO, Sept. 6, 2012 /CNW/ - Leon's Furniture Limited announced today
that it has received approval for a common share repurchase programme
on The Toronto Stock Exchange. The Company intends to repurchase for
cancellation a maximum of 3,493,537 Common Shares representing 4.99% of
the total number of its 70,010,775 issued and outstanding Common Shares
as at August 31, 2012. The average daily trading volume for the six
months ending August 31, 2012 was 6,708. Therefore, other than block
purchase exemptions, daily purchases will be limited to 1,677 common
From September 10, 2011 to August 31, 2012, Leon's purchased 130,362
Common Shares pursuant to a normal course issuer bid at an average
purchase price of $11.93.
The bid will commence on September 10, 2012 and terminate on the
earliest of the purchase of 3,493,537 Common Shares, the issuer
providing a notice of termination, and September 9, 2013.
Purchases will be executed through the facilities of the Toronto Stock
Exchange at market price under the normal course issuer bid rules of
the Toronto Stock Exchange.
The Company believes that the repurchases may enhance liquidity for
shareholders while providing the Company with the opportunity to buy
back its shares when it appears attractive to do so.
SOURCE: Leon's Furniture Limited
For further information:
please contact Dominic Scarangella, Chief Financial Officer, at 416-243-4073.