Business
Common share buy back program of Richelieu Hardware LTD.
Common share buy back program of Richelieu Hardware LTD..
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n\nMONTREAL, Nov. 25 /CNW Telbec/ - Richelieu Hardware Ltd. (TSX: RCH)\n(\"Richelieu\" or the \"Company\") announces that the Toronto Stock Exchange has\naccepted its notice of intention to make a \"normal course issuer bid\" to\npurchase up to 1,158,743 common shares, representing 5% of the 23,174,862\noutstanding common shares as at November 16, 2005 through the facilities of\nsuch exchange.\nThe number of shares that the Company intends to purchase and the time of\nsuch purchases will be determined by the Company, in its discretion. The\npurchase period will begin November 29, 2005, and end on the earlier of\nNovember 28, 2006, or the date on which the Company will have either acquired\nthe above-stated maximum number of shares or otherwise decided not to make any\nfurther purchases. All the shares purchased will be cancelled by the Company.\nThe Board of Directors of Richelieu has concluded that the purchase of a\nmaximum of 1,158,743 common shares represents an appropriate use of the\nCompany's corporate funds. During the period of November 29, 2004, to November\n23, 2005, the Company purchased 55,000 common shares at an average price of\n$23.436 per common share under the terms of its common share buy back program.\nTo the best knowledge of the Company, after reasonable inquiry, no\ndirector, senior officer or any of their associates, no person acting jointly\nor in concert with the Company, and no person holding 10% or more of the\ncommon shares currently intends to sell common shares under this normal course\nissuer bid.\n\nRichelieu is Canada's leading distributor and importer of specialty\nhardware for an extensive customer base consisting of furniture, kitchen\ncabinet and window and door manufacturers plus the woodworking industry, and\nhardware retailers including hardware superstores. In addition, the Company\nspecializes in the manufacture of a wide variety of veneer sheets and\nedgebanding products through its subsidiary Cedan Industries Inc., of\ncomponents for the window and door industry and mouldings through Menuiserie\ndes Pins Ltd. and of various types of panels, tackboards, chalkboards and\nwhiteboards.\n\n\n","length":2207,"tagName":"div"}]