Business
TSX Approval of Leon's Repurchase Programme for Common Shares
Toronto, Ontario--(Newsfile Corp. - September 13, 2023) - Leon's Furniture Limited ( TSX: LNF )&#...
About this update from Leon's Furniture Limited
[{"type":"text","content":"TSX Approval of Leon's Repurchase Programme for Common SharesToronto, Ontario--(Newsfile Corp. - September 13, 2023) - Leon's Furniture Limited (TSX: LNF) (\"Leon's\" or the \"Company\"), today announced that it has received approval for a common share repurchase programme on The Toronto Stock Exchange. The Company intends to repurchase for cancellation a maximum of 3,394,691 Common Shares representing 4.99% of the total number of its 68,029,894 issued and outstanding Common Shares as at September 1, 2023. The average daily trading volume for the six months ending August 31, 2023, was 16,383 Common Shares. Therefore, other than block purchase exemptions, daily purchases will be limited to 4,095 common shares on the Toronto Stock Exchange.The bid will commence on September 15, 2023, and terminate on the earliest of the purchase of 3,394,691 Common Shares, the issuer providing a notice of termination, and September 14, 2024.Purchases will be executed through the facilities of the Toronto Stock Exchange or alternative Canadian trading systems at market price under the normal course issuer bid rules of the Toronto Stock Exchange.Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which Company sought and received approval from the TSX to purchase up to 3,341,165 shares for the period of September 15, 2022, to September 14, 2023, as of September 2, 2023, the Company did not purchase any shares through the facilities of the Toronto Stock Exchange and alternative Canadian trading systems.Leon's today also announced that it will be entering into an automatic share purchase plan (\"ASPP\") with its broker, National Bank Financial Inc. (\"National Bank\"), in order to facilitate repurchases of common shares under the NCIB effective October 1, 2023.Under the ASPP for Leon's, National Bank may purchase common shares at times when Leon's ordinarily would not be active in the market due to insider trading rules and its own internal trading blackout periods. Purchases will be made by National Bank based upon parameters set by Leon's prior to the commencement of any such blackout period and in accordance with the terms of the ASPP.We believe that the current price of our shares is very attractive and deem it to be a prudent use of our capital. About Leon's Furniture LimitedLeon's Furniture Limited is t...