MONTREAL, Oct. 14 /CNW Telbec/ - Richelieu Hardware Ltd. (TSX: RCH)
("Richelieu" or "the Company") announces that, subsequent to regulatory
approval, it has increased its normal course issuer bid, authorized in
November 2007, entitling the Company to acquire 2.5% of the 23,100,737 common
shares outstanding as at November 21, 2007, being 577,518 shares. The normal
course issuer bid will be increased to 5%, the maximum allowed by law. This
amended offering will entitle Richelieu to acquire an additional 577,518
shares for a total of 1,155,036 common shares that may be purchased during the
initial period provided for in the offering, i.e. until December 2, 2008.
Since the beginning of the buyback program, on December 3, 2007, Richelieu has
acquired a total of 577,518 shares in the normal course of business.
Richelieu's Board of Directors believes that the purchase of 1,155,036
common shares represents an appropriate use of the Company's funds.
To the Company's best knowledge, after reasonable inquiry, no director,
senior officer or any of their associates, no person acting jointly or in
concert with Richelieu, and no person holding 10% or more of any class of
share of Richelieu currently intends to sell common shares under this normal
course issuer bid.
Richelieu Hardware Ltd. is a leading North American distributor, importer
and manufacturer of specialty hardware and complementary products. Its
products are targeted to an extensive customer base of kitchen and bathroom
cabinet, furniture, and window and door manufacturers plus the residential and
commercial woodworking industry, as well as a large customer base of hardware
retailers, including renovation superstores. Richelieu offers customers a
broad mix of high-end products sourced from manufacturers around the world.
Its product selection consists of close to 55,000 different items targeted to
a base of over 38,000 customers who are served by 49 centres in North America
- 31 distribution centres across Canada, 16 in the United States and two
manufacturing plants in Canada, specifically Cedan Industries Inc. which
specializes in the manufacture of a wide variety of veneer sheets and
edgebanding products, and Menuiserie des Pins Ltée which manufactures
components for the window and door industry and broad selection of mouldings.
For further information:
For further information: Alain Giasson, Vice-President and Chief
Financial Officer, (514) 832-4036