MONTREAL, Dec. 22,
2023 /CNW/ - Richelieu Hardware Ltd. (TSX: RCH)
("Richelieu" or the "Corporation") hereby confirms having received,
from the TSX, the authorization to renew its normal course issuer
bid (the "Bid"). In accordance with the Bid, the Corporation
intends to repurchase, for cancellation purposes, some of its
common shares through the facilities of the Toronto Stock Exchange
or Alternative Canadian Trading Systems.
Under the Bid, the Corporation may repurchase for cancellation
up to 1,500,000 common shares. This represents approximately 2.7%
of its 56,093,740 issued and outstanding common shares as of
December 16, 2023. These purchases
will be made in accordance with applicable regulations over a
maximum period of twelve (12) months beginning on December 30, 2023 and ending on December 29, 2024. The average daily trading
volume of Richelieu's common
shares over the six (6) calendar months prior to the date hereof
was 48,793. Accordingly, the Corporation is entitled to purchase,
on any trading day, up to 12,198 common shares. The consideration
that the Corporation will pay for any common shares acquired by it
under the Bid will be paid cash at the market price of such common
shares at the time of acquisition.
During the last twelve (12) months, the Corporation did not
repurchase any of its shares, whether through the facilities of the
Toronto Stock Exchange or Alternative Canadian Trading Systems,
despite having been previously authorized to proceed with the
purchase, in the normal course of business, of a maximum of
1,500,000 common shares.
The Corporation believes that the purchase by the Corporation of
its own shares may, in appropriate circumstances, be
a responsible investment of funds on hand.
About Richelieu Hardware
Ltd.
Richelieu is a leading North
American distributor, importer and manufacturer of specialty
hardware and complementary products. Its products are targeted to
an extensive customer base of kitchen and bathroom cabinet, storage
and closet, home furnishing and office furniture manufacturers,
residential and commercial woodworkers, door and window, and
hardware retailers including renovation superstores. Richelieu offers customers a broad mix of
high-end products sourced from manufacturers worldwide. Its product
selection consists of over 130,000 different items targeted to a
base of more than 110,000 customers who are served by 113 centers
in North America – 50 distribution
centers in Canada, 60 in
the United States and 3
manufacturing plants in Canada,
specifically Cedan Industries Inc., Menuiserie des Pins Ltée and
USIMM/UNIGRAV, which manufacture a variety of veneer sheets and
edge banding products, a broad selection of decorative mouldings
and components for the window and door industry as well as custom
products, including a 3D scanning centre.
SOURCE Richelieu Hardware Ltd.