MONTREAL, Jan. 8, 2025
/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 1,750,000 common shares. This represents approximately 3.17%
of its 55,218,678 issued and outstanding common shares as of
January 3rd, 2025. These
purchases will be made in accordance with applicable regulations
over a maximum period of twelve (12) months beginning on
January 13th, 2025 and
ending on January 12, 2026. The
average daily trading volume of Richelieu's common shares over the six (6)
calendar months prior to the date hereof was 54,543. Accordingly,
the Corporation is entitled to purchase, on any trading day, up to
13,635 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 repurchased,
either through the facilities of the Toronto Stock Exchange or
Alternative Canadian Trading Systems, 1,007,712 common shares at a
weighted average price paid of $38.41, all pursuant to a previously approved
program having authorized the Corporation to proceed with the
purchase in the normal course 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 145,000 different items targeted to a
base of more than 120,000 customers who are served by 112 centers
in North America – 48 distribution
centers in Canada, 61 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.