MONTREAL, June 15 /CNW Telbec/ - Le Château Inc. (TSX: CTU.A) today announced that it has received approval from Toronto Stock Exchange for its normal course issuer bid previously announced on June 9, 2010. Under the bid, the Company may purchase up to 1,003,328 Class A subordinate voting shares of the Company, representing 5% of the issued shares of such class as at June 8, 2010. The bid will commence on June 21, 2010 and end on June 20, 2011, or on such earlier date as the Company may complete its purchases pursuant to the bid. The average daily trading volume for the 6-month period preceding June 1, 2010 is 16,921 shares. In accordance with TSX requirements, a maximum daily repurchase of 25% of this average may be made, representing 4,230 shares. The shares will be purchased on behalf of the Company by a registered broker through the facilities of TSX. The price paid for the shares will be the market price at the time of acquisition, and the number of shares purchased and the timing of any such purchases will be determined by the Company. All shares purchased by the Company will be cancelled.
The Company currently has 20,066,564 Class A subordinate voting shares outstanding. During the past 12 months, the Company did not purchase shares.
Le Château is a leading Canadian brand in specialty retailing, offering a broad array of contemporary fashion apparel, accessories and footwear for style-conscious women and men. The Le Château brand is synonymous with ageless fashion at accessible prices and is sold exclusively through the Company's 231 retail locations, of which 228 are located in Canada and 3 in the New York City area. The Company's stores are primarily found in major urban shopping malls, complemented with high pedestrian-traffic, street-front locations. In addition, the Company has 9 stores under license in the Middle East.
The Company's 50-year tradition of vertical integration, a design and manufacturing approach to retailing, makes it unique among Canadian fashion merchants.
SOURCE Le Château Inc.
For further information: For further information: Emilia Di Raddo, CA, President, (514) 738-7000; Johnny Del Ciancio, CA, Vice-President, Finance, (514) 738-7000; Maison Brison: Pierre Boucher, (514) 731-0000; Source: Le Château Inc.