MONTREAL, Oct. 14 /CNW Telbec/ - Richelieu Hardware Ltd. (TSX: RCH) ("Richelieu" or "the Company") announces that, subsequent to regulatory approval, it has increased its normal course issuer bid, authorized in November 2007, entitling the Company to acquire 2.5% of the 23,100,737 common shares outstanding as at November 21, 2007, being 577,518 shares. The normal course issuer bid will be increased to 5%, the maximum allowed by law. This amended offering will entitle Richelieu to acquire an additional 577,518 shares for a total of 1,155,036 common shares that may be purchased during the initial period provided for in the offering, i.e. until December 2, 2008. Since the beginning of the buyback program, on December 3, 2007, Richelieu has acquired a total of 577,518 shares in the normal course of business.
Richelieu's Board of Directors believes that the purchase of 1,155,036 common shares represents an appropriate use of the Company's funds.
To the Company's best knowledge, after reasonable inquiry, no director, senior officer or any of their associates, no person acting jointly or in concert with Richelieu, and no person holding 10% or more of any class of share of Richelieu currently intends to sell common shares under this normal course issuer bid.
Richelieu Hardware Ltd. 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, furniture, and window and door manufacturers plus the residential and commercial woodworking industry, as well as a large customer base of hardware retailers, including renovation superstores. Richelieu offers customers a broad mix of high-end products sourced from manufacturers around the world. Its product selection consists of close to 55,000 different items targeted to a base of over 38,000 customers who are served by 49 centres in North America - 31 distribution centres across Canada, 16 in the United States and two manufacturing plants in Canada, specifically Cedan Industries Inc. which specializes in the manufacture of a wide variety of veneer sheets and edgebanding products, and Menuiserie des Pins Ltee which manufactures components for the window and door industry and broad selection of mouldings.