TORONTO, Sept. 8 /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 a maximum of 3,526,448 Common
Shares representing 4.99% of the total number of its 70,670,308 issued and
outstanding Common Shares as at August 28, 2008. Subject to the block purchase
exemption provided for in the TSX rules, the bid is subject to a daily
repurchase restriction of 3,956 common shares per day.
From September 10, 2007 to August 28, 2008, Leon's purchased 494,200
Common Shares pursuant to a normal course issuer bid at an average purchase
price of $12.10.
The commencement date for the repurchase will begin on September 10, 2008
and terminate on the earliest of the purchase of 3,526,448 Common Shares, the
issuer providing a notice of termination, and September 9, 2009.
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