TORONTO, Sept. 9, 2019 /CNW/ - Leon's Furniture
Limited ("Leon's" or the "Company")
(TSX: LNF), today announced 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 3,878,064 Common Shares representing
4.99% of the total number of its 77,716,705 issued and outstanding
Common Shares as at September 4,
2019. The average daily trading volume for the six months
ending August 31, 2019 was 18,714.
Therefore, other than block purchase exemptions, daily purchases
will be limited to 4,678 common shares.
The bid will commence on September 12,
2019 and terminate on the earliest of the purchase of
3,878,064 Common Shares, the issuer providing a notice of
termination, and September 11,
2020.
Pursuant to a previous notice of intention to conduct a normal
course issuer bid, under which Company sought and received approval
from the TSX to purchase up to 3,813,398 shares for the period of
September 12, 2018 to September 11, 2019, the Company has purchased
246,890 shares at an average purchase price of $15.08 per share.
Purchases will be executed through the facilities of the Toronto
Stock Exchange or alternate Canadian trading systems 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.
About Leon's Furniture Limited
Leon's Furniture Limited is the largest retailer of furniture,
appliances and electronics in Canada. Our retail banners include: Leon's;
The Brick; Brick Outlet; and The Brick Mattress Store.
Finally, with The Brick's Midnorthern Appliance banner alongside
with Leon's Appliance Canada banner, this makes the Company the
country's largest commercial retailer of appliances to builders,
developers, hotels and property management companies. The Company
has 304 retail stores from coast to coast in Canada under various banners. The Company
operates three websites: leons.ca, thebrick.com and
furniture.ca.
SOURCE Leon's Furniture Limited