TORONTO, Sept. 13,
2022 /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 3,341,165 Common Shares representing
4.99% of the total number of its 66,957,222 issued and outstanding
Common Shares as at September 2,
2022. The average daily trading volume for the six months
ending August 31, 2022 was 31,219.
Therefore, other than block purchase exemptions, daily purchases
will be limited to 7,804 common shares on the Toronto Stock
Exchange
The bid will commence on September 15,
2022 and terminate on the earliest of the purchase of
3,341,165 Common Shares, the issuer providing a notice of
termination, and September 14,
2023.
Purchases will be executed through the facilities of the Toronto
Stock Exchange or alternative Canadian trading systems at market
price under the normal course issuer bid rules of the Toronto Stock
Exchange.
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 3,869,268 shares for the period of
September 15, 2021 to September 14, 2022, as of September 2, 2022, the Company has purchased
2,163,100 shares at an average purchase price of $23.41 per share through the facilities of the
Toronto Stock Exchange and alternative Canadian trading
systems.
Leon's today also announced that it will be entering 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 the NCIB effective
October 1, 2022.
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.
We believe that the current price of our shares is very
attractive and deem it to be a prudent use of our capital.
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 306 retail stores from coast to coast in
Canada under various banners. The
Company operates five websites: leons.ca, thebrick.com,
furniture.ca, midnorthern.com and appliancecanada.com.
Cautionary Statement
This press release may contain
forward-looking statements that are subject to known and unknown
risks and uncertainties that could cause actual results to vary
materially from targeted results. Such risks and uncertainties
include those described in Leon's Furniture Limited's periodic
reports including the annual report or in the filings made by
Leon's Furniture Limited from time to time with securities
regulatory authorities.
This News Release may include certain "forward-looking
statements" which are not comprised of historical facts.
Forward-looking statements include estimates and statements that
describe the Company's future plans, objectives or goals, including
words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking statements may be
identified by such terms as "believes", "anticipates", "expects",
"estimates", "may", "could", "would", "will", or "plan". Since
forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are
based on information currently available to the Company, the
Company provides no assurance that actual results will meet
management's expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward looking information in this news release
includes, but is not limited to, the Company's objectives, goals or
future plans, and estimates of market conditions. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to failure
to identify beneficial business opportunities, failure to convert
the potential in the pursued business opportunities to tangible
benefits to the Company or its shareholders, the ability of the
Company to counteract the potential impact of the COVID-19
coronavirus on factors relevant to the Company's business, delays
in obtaining or failures to obtain required shareholder and TSX
approvals, changes in equity markets, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the
development of projects, and those risks set out in the Company's
public documents filed on SEDAR. Although the Company believes that
the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
SOURCE Leon's Furniture Limited
