TORONTO, Sept. 6 /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 buy for cancellation a maximum of
3,540,895 Common Shares representing 4.99% of the total number of its
70,959,808 issued and outstanding Common Shares as at August 30, 2007. Subject
to the block purchase exemption provided for in the TSX rules, the bid is
subject to a daily repurchase restriction of 4,120 common shares per day.
From September 5, 2006 to August 30, 2007, Leon's purchased
473,000 Common Shares pursuant to a normal course issuer bid at an average
purchase price of $12.80 (all post share split numbers).
The commencement date for the repurchase will begin on September 10, 2007
and terminate on the earliest of the purchase of 3,540,895 Common Shares, the
issuer providing a notice of termination, and September 9, 2008.
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