Sep. 8, 2010 (Canada NewsWire Group) --
TORONTO, Sept. 8 /CNW/ - Leon's Furniture Limited announced today 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 3,497,716 Common Shares representing 4.99% of the total number of its 70,094,516 issued and outstanding Common Shares as at August 31, 2010. Daily purchases will be limited to 3,241 common shares, other than block purchase exemptions.
From September 10, 2009 to August 31, 2010, Leon's purchased 810,418 Common Shares pursuant to a normal course issuer bid at an average purchase price of $11.43.
The bid will commence on September 10, 2010 and terminate on the earliest of the purchase of 3,497,716 Common Shares, the issuer providing a notice of termination, and September 9, 2011.
Purchases will be executed through the facilities of the Toronto Stock Exchange at market price under the normal course issuer bid rules of the Toronto Stock Exchange.
The Company believes that the repurchases will enhance liquidity for shareholders while providing the Company with the opportunity to buy back its shares when it appears attractive to do so.
Dominic Scarangella, Chief Financial Officer, at 416-243-4073