TORONTO,
Sept. 6, 2012 /CNW/ - Leon's
Furniture Limited announced today 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 3,493,537 Common Shares representing 4.99% of the
total number of its 70,010,775 issued and outstanding Common Shares
as at August 31, 2012. The average
daily trading volume for the six months ending August 31, 2012 was 6,708. Therefore, other than
block purchase exemptions, daily purchases will be limited to 1,677
common shares.
From September 10, 2011 to
August 31, 2012, Leon's purchased
130,362 Common Shares pursuant to a normal course issuer bid at an
average purchase price of $11.93.
The bid will commence on September 10,
2012 and terminate on the earliest of the purchase of
3,493,537 Common Shares, the issuer providing a notice of
termination, and September 9,
2013.
Purchases will be executed through the facilities of the Toronto
Stock Exchange 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.
SOURCE Leon's Furniture Limited