TORONTO,
Nov. 14, 2019
/CNW/ - Leon's Furniture Limited ("LFL" or the
"Company") (TSX: LNF), is pleased to
announce that in celebration of its 50 years as a publicly traded
company on the Toronto Stock Exchange ("TSX"), the Company will be
ringing the opening bell of the TSX on Friday November 15, 2019.
"As a proud Canadian company with over 50 years on the TSX, we
would like to take this opportunity to thank all of our long-term
shareholders for their support as we have built LFL into a national
powerhouse," said Edward Leon,
President and Chief Executive Officer of LFL Group. "LFL has over
300 bricks and mortar retail locations, robust commercial, service,
warranty and insurance operations, a rapidly growing e-commerce
business, a leading wholesale distribution network and over 4.2
million square feet of owned real estate. The Company has grown
shareholder equity at an annual rate of 12% for the past 50
yearsi, and is better positioned today than at any point
over its 100-year history to generate value for its customers and
shareholders."
The Company further advises that, in addition to its existing
Normal Course Issuer Bid announced on September 9, 2019, the Company currently intends
to enter into an Automatic Share Purchase Plan to enhance its
ability to buy back its shares in the future.
The Directors have declared a quarterly dividend of 14¢ per
common share payable on the 6th day of January 2020 to shareholders of record at the
close of business on the 6th day of December 2019. In addition, the annual dividend
on the convertible non-voting preferred shares of $0.28 will be payable on the 6th day
of January 2020 to the shareholders
of record at the close of business on the 6th day of
December 2019. As of 2007, dividends
paid by Leon's Furniture Limited are "eligible dividends" pursuant
to the changes to the Income Tax Act under Bill C-28, Canada.
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. As well,
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.
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Compound Annual
Growth Rate – December 31, 1969 as a base
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SOURCE Leon's Furniture Limited