TSX Approval of Leon's Repurchase Programme for Common Shares
September 08 2011 - 10:21AM
PR Newswire (Canada)
TORONTO, Sept. 8, 2011 /CNW/ -- TORONTO, Sept. 8, 2011 /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 repurchase for
cancellation a maximum of 3,489,818 Common Shares representing
4.99% of the total number of its 69,936,235 issued and outstanding
Common Shares as at August 28, 2011. Daily purchases will be
limited to 2,101 common shares, other than block purchase
exemptions. From September 10, 2010 to August 28, 2011, Leon's
purchased 494,734 Common Shares pursuant to a normal course issuer
bid at an average purchase price of $13.64. The bid will commence
on September 10, 2011 and terminate on the earliest of the purchase
of 3,489,818 Common Shares, the issuer providing a notice of
termination, and September 9, 2012. 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 may enhance
liquidity for shareholders while providing the Company with the
opportunity to buy back its shares when it appears attractive to do
so. To view this news release in HTML formatting, please use the
following URL:
http://www.newswire.ca/en/releases/archive/September2011/08/c9232.html
p please contact Dominic Scarangella, Chief Financial Officer, at
416-243-4073 /p
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