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Leon's Furniture Limited Announces Intention To Commence Substantial Issuer Bid
Leon's Furniture Limited Announces Intention To Commence Substantial Issuer Bid ...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n \n \n \n Leon's Furniture Limited Announces Intention To Commence 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 Nov. 17, 2021\n \n /CNW/ - Leon's Furniture Limited (TSX: LNF.TO) (\"\n \n LFL\n \n \", or the \"\n \n Company\n \n \") announced today its intention to commence a substantial issuer bid (the \"\n \n Offer\n \n \") pursuant to which the Company will offer to purchase up to\n \n $200,000,000\n \n in value of its outstanding common shares (the \"\n \n Common Shares\n \n \") from holders of Common Shares (the \"\n \n Shareholders\n \n \") for cash. As of\n \n November 16, 2021\n \n , there were 76,793,896 Common Shares issued and outstanding. The Offer would be for approximately 10.7% of the total number of issued and outstanding Common Shares if the purchase price is determined to be\n \n $24.30\n \n (which is the minimum price per Common Share under the Offer) or approximately 10.4% of the total number of issued and outstanding Common Shares if the purchase price is determined to be\n \n $25.05\n \n (which is the maximum price per Common Share under the Offer).\n \n \n The Offer will proceed by way of a \"modified Dutch auction\". Holders of Common Shares wishing to tender to the Offer will be entitled to do so pursuant to: (i) auction tenders in which they will specify the number of Common Shares being tendered at a price of not less than\n \n $24.30\n \n and not more than\n \n $25.05\n \n per Common Share in increments of\n \n $0.05\n \n per Common Share, or (ii) purchase price tenders in which they will not specify a price per Common Share, but will rather agree to have a specified number of Common Shares purchased at the purchase price to be determined by auction tenders.\n \n \n The purchase price to be paid by the Company for each validly deposited Common Share will be based on the number of Common Shares validly deposited pursuant to auction tenders and purchase price tenders, and the prices specified by Shareholders making auction tenders. The purchase price...