TORONTO, Sept. 8, 2011 /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 3,489,818 Common Shares representing 4.99% of
the total number of its 69,936,235 issued and outstanding Common Shares
as at August 28, 2011. Daily purchases will be limited to 2,101 common
shares, other than block purchase exemptions.
From September 10, 2010 to August 28, 2011, Leon's purchased 494,734
Common Shares pursuant to a normal course issuer bid at an average
purchase price of $13.64.
The bid will commence on September 10, 2011 and terminate on the
earliest of the purchase of 3,489,818 Common Shares, the issuer
providing a notice of termination, and September 9, 2012.
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