Business
LEON'S FURNITURE LIMITED ANNOUNCES FINAL RESULTS OF ITS SUBSTANTIAL ISSUER BID
LEON'S FURNITURE LIMITED ANNOUNCES FINAL RESULTS OF ITS SUBSTANTIAL ISSUER BID ...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n \n \n \n LEON'S FURNITURE LIMITED ANNOUNCES FINAL RESULTS OF ITS SUBSTANTIAL ISSUER BID\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n Jan. 4, 2022\n \n /CNW/ - Leon's Furniture Limited (TSX: LNF) (\"\n \n LFL\n \n \", or the \"\n \n Company\n \n \") announced today the final results of its \"modified Dutch auction\" substantial issuer bid to purchase (the \"\n \n Offer\n \n \") for cancellation up to\n \n $200,000,000\n \n of its common shares (the \"\n \n Common Shares\n \n \") from holders of Common Shares (\"\n \n Shareholders\n \n \") for cash. The Offer expired at\n \n 5:00 p.m. (Eastern time)\n \n on\n \n December 30, 2021\n \n (the \"\n \n Expiration Date\n \n \").\n \n \n Based on the final count by the TSX Trust Company, as depositary (the \"\n \n Depositary\n \n \") for the Offer, the Company has taken up and paid for 7,999,993 Common Shares at a price of\n \n $25.00\n \n per Common Share under the Offer, representing an aggregate purchase price of approximately\n \n $200,000,000\n \n and approximately 10.4% of the total number of the Company's issued and outstanding Common Shares before giving effect to the Offer. All Common Shares purchased by the Company under the Offer will be cancelled by the Depositary. After giving effect to the Offer, LFL will have 68,793,903 Common Shares issued and outstanding.\n \n \n An aggregate of 9,813,872 Common Shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders. Since the Offer was oversubscribed, Shareholders who made auction tenders at or below the purchase price and purchase price tenders had approximately 81.5% of their successfully tendered Common Shares purchased by LFL (other than \"odd lot\" tenders, which were not subject to proration).\n \n \n The Company has made payment for the Common Shares tendered and accepted for purchase by tendering the aggregate purchase price to the Depositary, and payment to the Shareholders will be completed by the Depositary in accordance ...