Business
Richelieu Hardware Ltd. Announces an Increase in its Normal Course Issuer Bid
MONTREAL, Oct. 14 /CNW Telbec/ - Richelieu Hardware Ltd. (TSX: RCH) ("Richelieu" or "the Company"...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\nMONTREAL, Oct. 14 /CNW Telbec/ - Richelieu Hardware Ltd. (TSX: RCH)\n("Richelieu" or "the Company") announces that, subsequent to regulatory\napproval, it has increased its normal course issuer bid, authorized in\nNovember 2007, entitling the Company to acquire 2.5% of the 23,100,737 common\nshares outstanding as at November 21, 2007, being 577,518 shares. The normal\ncourse issuer bid will be increased to 5%, the maximum allowed by law. This\namended offering will entitle Richelieu to acquire an additional 577,518\nshares for a total of 1,155,036 common shares that may be purchased during the\ninitial period provided for in the offering, i.e. until December 2, 2008.\nSince the beginning of the buyback program, on December 3, 2007, Richelieu has\nacquired a total of 577,518 shares in the normal course of business.\n\n\nRichelieu's Board of Directors believes that the purchase of 1,155,036\ncommon shares represents an appropriate use of the Company's funds.\n\n\nTo the Company's best knowledge, after reasonable inquiry, no director,\nsenior officer or any of their associates, no person acting jointly or in\nconcert with Richelieu, and no person holding 10% or more of any class of\nshare of Richelieu currently intends to sell common shares under this normal\ncourse issuer bid.\n\n\nRichelieu Hardware Ltd. is a leading North American distributor, importer\nand manufacturer of specialty hardware and complementary products. Its\nproducts are targeted to an extensive customer base of kitchen and bathroom\ncabinet, furniture, and window and door manufacturers plus the residential and\ncommercial woodworking industry, as well as a large customer base of hardware\nretailers, including renovation superstores. Richelieu offers customers a\nbroad mix of high-end products sourced from manufacturers around the world.\nIts product selection consists of close to 55,000 different items targeted to\na base of over 38,000 customers who are served by 49 centres in North America\n- 31 distribution centres across Canada, 16 in the United States and two\nmanufacturing plants in Canada, specifically Cedan Industries Inc. which\nspecializes in the manufacture of a wide variety of veneer sheets and\nedgebanding products, and Menuiserie des Pins Ltee which manufactures\ncomponents for the window and door industry and broad sele...