TORONTO, Dec. 30, 2019 /CNW/ - Leon's Furniture Limited
("LFL" or "Leon's") (TSX: LNF) today announced
that it has entered into an automatic share purchase plan
("ASPP") with its broker, National Bank Financial Inc.
("National Bank"), in order to facilitate repurchases of
common shares under its previously announced normal course issuer
bid ("NCIB").
Leon's previously announced that it had received approval from
the Toronto Stock Exchange ("TSX") to repurchase for
cancellation up to 3,878,064 common shares under its NCIB, which
commenced on September 12, 2019, and expires on September
11, 2020. Under the NCIB, Leon's may repurchase common shares
through the facilities of the TSX or alternate Canadian trading
systems. All repurchased common shares will be cancelled.
Under the ASPP for Leon's, National Bank may purchase common
shares at times when Leon's ordinarily would not be active in the
market due to insider trading rules and its own internal trading
blackout periods. Purchases will be made by National Bank based
upon parameters set by Leon's prior to the commencement of any such
blackout period and in accordance with the terms of the ASPP. The
ASPP has been approved by the TSX.
About Leon's Furniture Limited
LFL is the largest retailer of furniture, mattresses, appliances
and electronics in Canada. Our
retail banners include: Leon's; The Brick; The Brick Mattress
Store; and The Brick Outlet. Finally, with the Midnorthern
Appliance banner alongside the Appliance Canada banner, we are also
the country's largest commercial retailer of appliances to
builders, developers, hotels and property management companies. LFL
has 304 retail stores from coast-to coast in Canada under various banners. As well, the
Company operates three e-commerce
sites: leons.ca, thebrick.com and its newest
site, furniture.ca.
SOURCE Leon's Furniture Limited