Leon's and The Brick announce completion of plan of arrangement

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[{"type":"text","content":"\n\n\n\n\n\nCALGARY, March 28, 2013 /CNW/ - Leon's Furniture Limited (TSX: LNF) and\n The Brick Ltd. (TSX: BRK) are pleased to announce today the completion\n of the previously announced plan of arrangement pursuant to which\n Leon's acquired all of the outstanding common shares of The Brick (the\n \"Shares\") for $5.40 per Share and all of the outstanding common share purchase\n warrants of The Brick (the \"Warrants\") were purchased for cancellation for $4.40 per Warrant (the \"Arrangement\").\n\n\nSubject to the terms of the Arrangement, holders of Shares were\n permitted to elect to receive as consideration $5.40 in cash per Share\n or 0.0054 convertible debentures of Leon's (the \"Convertible Debentures\") per Share, and holders of Warrants were permitted to elect to receive\n as consideration $4.40 in cash per Warrant or 0.0044 Convertible\n Debentures per Warrant. As holders of Shares and Warrants have elected\n to receive an aggregate principal amount of Convertible Debentures in\n excess of the maximum of $100 million principal amount of Convertible\n Debentures to be issued under the Arrangement, those holders of Shares\n and Warrants will have the number of Convertible Debentures they\n elected to receive pro rated, with the balance of the consideration to\n which they are entitled under the Arrangement paid in cash.  Based on\n the elections received by the election deadline, it is expected that\n holders of Shares and Warrants that elected to receive Convertible\n Debentures will have approximately 21.85 percent of their consideration under the Arrangement satisfied through\n the delivery of Convertible Debentures.\n\n\nWith the completion of the plan of arrangement, the common shares and\n common share purchase warrants of The Brick will cease to be listed for\n trading on the Toronto Stock Exchange on or about April 1, 2013.\n\n\nAbout Leon's\n\n\nLeon's was founded in 1909 and is one of Canada's best-known home\n furnishings retailers offering great value on household furniture,\n mattresses, appliances and home electronics. Leon's has 79 stores in\n Newfoundland and Labrador, Quebec, Ontario, Manitoba, Saskatchewan,\n Alberta, Nova Scotia, New Brunswick, and Prince Edward Island.\n\n\nAbout The Brick\n\n\nThe Brick, which opened its first store in Edmonton, Alberta in 1971,\n has grown over the last 40 year...

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