TORONTO, Sept. 8 /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 3,532,045 Common Shares representing 4.99% of the total number of its
70,782,465 issued and outstanding Common Shares as at August 28, 2009. Daily
purchases will be limited to 3,743 common shares, other than block purchase
From September 10, 2008 to August 28, 2009, Leon's purchased 146,168
Common Shares pursuant to a normal course issuer bid at an average purchase
price of $9.25.
The bid will commence on September 10, 2009 and terminate on the earliest
of the purchase of 3,532,045 Common Shares, the issuer providing a notice of
termination, and September 9, 2010.
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 will enhance liquidity for
shareholders while providing the Company with the opportunity to buy back its
shares when it appears attractive to do so.
For further information:
For further information: Dominic Scarangella, Chief Financial Officer,
at (416) 243-4073