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LEON'S FURNITURE LIMITED ANNOUNCES PRELIMINARY RESULTS OF ITS SUBSTANTIAL ISSUER BID
LEON'S FURNITURE LIMITED ANNOUNCES PRELIMINARY 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 PRELIMINARY 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 Dec. 31, 2021\n \n /CNW/ - Leon's Furniture Limited (TSX: LNF) (\"\n \n LFL\n \n \", or the \"\n \n Company\n \n \") announced today the preliminary 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 .\n \n \n Based on the preliminary count by the TSX Trust Company, as depositary for the Offer, the Company expects to take up and pay for approximately 8,000,000 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 10.4% of the total number of the Company's issued and outstanding Common Shares before giving effect to the Offer. After giving effect to the Offer, LFL expects to have 68,793,896 Common Shares issued and outstanding.\n \n \n An aggregate of approximately 9,813,872 Common Shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders.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 will have the number of Common Shares purchased prorated following the determination of the final results of the Offer (other than \"odd lot\" tenders, which are not subject to proration). LFL currently expects that Shareholders who made auction tenders at or below the purchase price and purchase price tenders will have approximately 81.5% of their successfully tendered Common Shares purchased by the Company.\n \n \n The number of Common Shares to be purchased, the proration factor and the purchase price under ...