MONTREAL, July 31,
2024 /CNW/ - Reitmans (Canada) Limited ("RCL" or the "Company")
(TSXV: RET) (TSXV: RET.A) today announces that it has received
approval from the TSX Venture Exchange (the "TSX-V") to proceed
with its Normal Course Issuer Bid ("NCIB") previously announced on
June 18, 2024.
Under the NCIB, the Company may acquire up to an aggregate of
3,283,582 Class A Non-Voting Shares of the Company
("Shares") over the 12-month period commencing on August 5, 2024, and ending on August 4, 2025, representing approximately 10% of
the public float of the Shares. Additionally, under the NCIB, the
Company may not acquire more than 2% of the public float of the
Shares, representing 718,326 Shares, in any 30-day period.
Purchases under the NCIB will be carried out in the open market
through the facilities of the TSX-V and alternative trading systems
or by such other means as may be permitted under applicable
securities laws during the term of the NCIB at the prevailing
market price of the Shares at the time of purchase. All Shares
purchased by the Company under the NCIB will be cancelled. The
actual number of Shares which may be purchased pursuant to the NCIB
and the timing of any purchases will be determined by management
and the Board of Directors of the Company. The NCIB will be
conducted through BMO Nesbitt Burns Inc. and made in accordance
with the policies of the TSX-V.
The funding for any purchases pursuant to the NCIB will be from
the available funds of the Company. To the Company's knowledge,
none of the directors, senior officers, or other insiders of the
Company, or any associates of such persons, or any associate of
affiliates of the Company, has any present intention to sell any
Shares during the course of the NCIB. During the past 12 months, no
Shares were purchased by the Company.
The Board of Directors of the Company has concluded that
purchases of Shares under the NCIB may be an appropriate and
desirable use of RCL's available funds and, therefore, would be in
the best interests of RCL. As a result of such purchases under the
NCIB, the number of issued and outstanding Shares will be decreased
and, consequently, the proportionate share interest of all
remaining shareholders will be increased on a pro rata basis.
Expiry Date of Options Granted on June
26, 2024
Further to the Company's press release dated June 26, 2024 regarding the granting of options
to members of its management, the expiry date of the options
granted is July 26, 2027 for all
members of its management other than its President and CEO, in
whose case the expiry date of the options granted is July 26, 2028.
About Reitmans (Canada)
Limited
RCL is one of Canada's leading
specialty apparel retailers for women and men, with retail outlets
throughout the country. The Company operates 391 stores under
three distinct banners consisting of 226 Reitmans, 85 PENN.
Penningtons, and 80 RW&CO.
For more information,
visit www.reitmanscanadalimited.com.
For further information, please contact:
Alexandra
Cohen
VP, Corporate
Communications
Reitmans (Canada)
Limited
Telephone: (514)
384-1140 ext 23737
Email:
acohen@reitmans.com
|
Richard
Wait
Executive
Vice-President and
Chief Financial
Officer
Reitmans (Canada)
Limited
Telephone: (514)
384-1140 ext 23050
Email:
riwait@reitmans.com
|
Forward Looking Statements
All of the statements contained herein, other than statements of
fact that are independently verifiable at the date hereof, are
forward-looking statements. Such statements, based as they are on
the current expectations of management, inherently involve numerous
risks and uncertainties, known and unknown, many of which are
beyond the Company's control. Such risks include but are not
limited to: the impact of general economic conditions, general
conditions in the retail industry, seasonality, weather and other
risks included in public filings of the Company, including those
identified in the Company's filings with Canadian securities
regulatory authorities. Consequently, actual future results
may differ materially from the anticipated results expressed in
forward-looking statements, which reflect the Company's
expectations only as of the date of this press announcement.
Forward-looking statements are based upon the Company's current
estimates, beliefs and assumptions, which are based on management's
perception of historical trends, current conditions and currently
expected future developments, as well as other factors it believes
are appropriate in the circumstances. Specific
forward-looking statements may include, but are not limited to,
statements with respect to the Company's anticipated future results
and events, future liquidity, opportunities and the risks related
to the NCIB, planned capital expenditures, amount of pension plan
contributions, status and impact of systems implementation, the
ability of the Company to successfully implement its strategic
initiatives and cost reduction and productivity improvement
initiatives as well as the impact of such initiatives. The
reader should not place undue reliance on any forward-looking
statements included herein. These statements speak only as of the
date made and the Company is under no obligation and disavows any
intention to update or revise such statements as a result of any
event, circumstances or otherwise, except to the extent required
under applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Reitmans (Canada)
Ltd