The Brick Ltd. announces changes to its continuous disclosure filings and delists its 12% Debentures from TSX

About this update from Leon's Furniture Limited

[{"type":"text","content":"\n\n\nTORONTO, July 10, 2013 /CNW/ - Leon's Furniture Limited (\"Leon's\")\n (TSX:LNF) and The Brick Ltd. (the \"Brick\") (TSX:BRK.DB) announce the\n following changes affecting the holders of the Brick's 12% Senior\n Secured Debentures due May 30, 2014 (CUSIP No. 107879AA6) (the\n \"Debentures\").\n\n\nUpon the acquisition of the Brick by Leon's in late March 2013, the\n Brick became a wholly-owned subsidiary of Leon's.  Despite the fact\n that it has only one shareholder, there are a number of holders of the\n Debentures, resulting in the Brick remaining a reporting issuer in\n Canada.\n\n\nIn order to reduce unnecessary filing and disclosure costs, while still\n providing holders of the Debentures with information needed by them in\n regard to their loan to the Brick, Leon's has guaranteed the\n obligations of the Brick under the Debentures.  This guarantee permits\n the Brick to rely upon Section 13.4(2.1) of National Instrument 51-102\n (Continuous Disclosure Obligations), which provides an exemption from the full continuous disclosure\n regime provided Leon's continues to comply with its own continuous\n disclosure requirements and that summary information about it, the\n Brick and their respective subsidiaries are available to the holders of\n the Debentures. It is anticipated that the Brick will remain a\n reporting issuer under Canadian securities laws until some time after\n the Debentures are repaid in 2014.\n\n\nThe Brick will file a notice with the securities regulatory authorities\n in each province and territory of Canada of its intention to rely on\n the continuous disclosure documents filed by Leon's, pursuant to\n Subsection 13.4(2.1) of National Instrument 51-102 (Continuous Disclosure Obligations) for the three month period ending June 30, 2013 and for each\n subsequent quarter that the Debentures are outstanding. From the filing\n of such initial notice until it is no longer a reporting issuer, the\n Brick will rely on the documents filed by Leon's in compliance with\n that Instrument to satisfy the Brick's continuous disclosure\n obligations.\n\n\nIn addition, in light of the fact that there have been less than ten\n trades of the Debentures on the Toronto Stock Exchange (\"TSX\") in the\n past three months, which does not justify the ongoing expenses related\n to such listing, and the fact that t...

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