/NOT FOR DISTRIBUTION THROUGH U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./
EDMONTON, Aug. 31, 2012 /CNW/ - The Brick Ltd. (TSX: BRK) (the "Corporation") announced today that on August 29, 2012, the Corporation has concluded the normal course issuer bid authorized by the Toronto Stock Exchange ("TSX") which commenced August 30, 2011 (the "NCIB").
Pursuant to the NCIB, the TSX had approved the repurchase and cancellation of up to 6,104,691 of the Corporation's Class A Common Shares (the "Shares") and up to 558,423 of the Corporation's outstanding warrants (the "Warrants"). At the August 29, 2012 conclusion of the NCIB, the Corporation actually repurchased for cancellation 4,467,185 Shares and the maximum number of Warrants, being 558,423 Warrants. The repurchase of shares and warrants was completed for a total of approximately $16 million, at an average price of $3.40 per Share and $1.56 per Warrant.
The Corporation, through its operating subsidiaries and franchise program, is one of Canada's largest volume retailers of household furniture, mattresses, appliances and home electronics, operating under four banners: The Brick, United Furniture Warehouse, The Brick Mattress Store, and Urban Brick. In addition, through its corporate sales division, the Brick Group services the condominium, and high-rise builder market. The Brick Group's retail operations are located in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island, Nova Scotia, New Brunswick, Northwest Territories and Yukon.
Further information can be found in the disclosure documents filed by The Brick Ltd. with the securities regulatory authorities, available at www.sedar.com and on the Corporation's website www.thebrick.com.
SOURCE: The Brick Ltd.
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