MONTREAL, Nov. 29 /CNW Telbec/ - Richelieu Hardware Ltd. (TSX: RCH)
("Richelieu" or the "Company") announces that the Toronto Stock Exchange has
accepted its notice of intention to make a "normal course issuer bid" to
purchase up to 577 518 common shares, representing 2.5% of the 23,100,737
outstanding common shares as at November 21st, 2007 through the facilities of
such exchange. The Company can only buy a maximum of 5 151 shares on a daily
basis (per market day).
The number of shares that the Company intends to purchase and the time of
such purchases will be determined by the Company, in its discretion. The
purchase period will begin December 3rd, 2007, and end on the earlier of
December 2nd, 2008, or the date on which the Company will have either acquired
the above-stated maximum number of shares or otherwise decided not to make any
further purchases. All the shares purchased will be cancelled by the Company.
The Board of Directors of Richelieu has concluded that the purchase of
577 518 common shares represents an appropriate use of the Company's corporate
funds. During the period of November 29, 2006, to November 28, 2007, the
Company did not purchase any common share under the terms of its common share
buy back program.
To the best knowledge of the Company, after reasonable inquiry, no
director, senior officer or any of their associates, no person acting jointly
or in concert with the Company, and no person holding 10% or more of the
common shares currently intends to sell common shares under this normal course
Richelieu Hardware Ltd. is Canada's leading distributor, importer and
manufacturer of speciality hardware and complementary products. The Company
also ranks among the top players in its speciality in North America. 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 50,000 different items targeted to
a base of over 38,000 customers who are served by 47 centres in North America-
30 distribution centres across Canada, 15 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, a broad selection of mouldings,
and various types of tackboards and whiteboards.
For further information:
For further information: Alain Giasson, Vice President and Chief
Financial Officer, (514) 832-4036