Richelieu Hardware Ltd. announce normal course issuer bid

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[{"type":"text","content":"\n\n\n\nRichelieu Hardware Ltd. announce normal course issuer bid\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\nCanada NewsWire\nMONTREAL, Dec. 12, 2017\n\n\n\nMONTREAL, Dec. 12, 2017 /CNW Telbec/ - Richelieu Hardware Ltd. (TSX: RCH) (\"Richelieu\" or the \"Corporation\") announced today that it has the intention to purchase by way of a normal course issuer bid (the \"Bid\"), for cancellation purposes, some of its common shares through the facilities of the Toronto Stock Exchange.\n\nUnder the Bid, the Corporation may repurchase for cancellation up to 1,500,000 common shares. This represents approximately 2.6% of its 57,795,603 issued and outstanding common shares as of November 30, 2017. These purchases will be made in accordance with applicable regulations over a maximum period of twelve (12) months beginning on December 14, 2017 and ending on December 13, 2018. The average daily trading volume of Richelieu's common shares over the six (6) calendar months prior to the date hereof was 31,637. Accordingly, the Corporation is entitled to purchase, on any trading day, up to 7,909 common shares. The consideration that the Corporation will pay for any common shares acquired by it under the Bid will be paid cash at the market price of such common shares at the time of acquisition. \n\nDuring the last twelve (12) months, the Corporation repurchased, through the facilities of the Toronto Stock Exchange, 458,088 securities at a weighted average price paid of $32.23, all pursuant to a previously approved program having authorized the Corporation to proceed with the purchase in the normal course of a maximum of 1,500,000 common shares.\n\nThe Corporation believes that the purchase by the Corporation of its own shares may, in appropriate circumstances, be a responsible investment of funds on hand.\n\nAbout Richelieu Hardware Ltd.\n\nRichelieu is a leading North American distributor, importer and manufacturer of specialty hardware and complementary products. Its products are targeted to an extensive customer base of kitchen and bathroom cabinet, storage and closet, home fur...

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