Toronto, Ontario--(Newsfile Corp. - September 13, 2023) - Leon's Furniture Limited (TSX: LNF) ("Leon's" or the "Company"), today announced 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 3,394,691 Common Shares representing 4.99% of the total number of its 68,029,894 issued and outstanding Common Shares as at September 1, 2023. The average daily trading volume for the six months ending August 31, 2023, was 16,383 Common Shares. Therefore, other than block purchase exemptions, daily purchases will be limited to 4,095 common shares on the Toronto Stock Exchange.
The bid will commence on September 15, 2023, and terminate on the earliest of the purchase of 3,394,691 Common Shares, the issuer providing a notice of termination, and September 14, 2024.
Purchases will be executed through the facilities of the Toronto Stock Exchange or alternative Canadian trading systems at market price under the normal course issuer bid rules of the Toronto Stock Exchange.
Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which Company sought and received approval from the TSX to purchase up to 3,341,165 shares for the period of September 15, 2022, to September 14, 2023, as of September 2, 2023, the Company did not purchase any shares through the facilities of the Toronto Stock Exchange and alternative Canadian trading systems.
Leon's today also announced that it will be entering into an automatic share purchase plan ("ASPP") with its broker, National Bank Financial Inc. ("National Bank"), in order to facilitate repurchases of common shares under the NCIB effective October 1, 2023.
Under the ASPP for Leon's, National Bank may purchase common shares at times when Leon's ordinarily would not be active in the market due to insider trading rules and its own internal trading blackout periods. Purchases will be made by National Bank based upon parameters set by Leon's prior to the commencement of any such blackout period and in accordance with the terms of the ASPP.
We believe that the current price of our shares is very attractive and deem it to be a prudent use of our capital.
About Leon's Furniture Limited
Leon's Furniture Limited is the largest retailer of furniture, appliances and electronics in Canada. Our retail banners include: Leon's; The Brick; Brick Outlet; and The Brick Mattress Store. Finally, with The Brick's Midnorthern Appliance banner alongside with Leon's Appliance Canada banner, this makes the Company the country's largest commercial retailer of appliances to builders, developers, hotels and property management companies. The Company has 304 retail stores from coast to coast in Canada under various banners. The Company operates six websites: leons.ca, thebrick.com, furniture.ca, midnorthern.com, transglobalservice.com and appliancecanada.com.
Cautionary Statement
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Leon's Furniture Limited's periodic reports including the annual report or in the filings made by Leon's Furniture Limited from time to time with securities regulatory authorities.
This News Release may include certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify beneficial business opportunities, failure to convert the potential in the pursued business opportunities to tangible benefits to the Company or its shareholders, the ability of the Company to counteract the potential impact of the COVID-19 coronavirus on factors relevant to the Company's business, delays in obtaining or failures to obtain required shareholder and TSX approvals, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
For further information, please contact:
Constantine Pefanis
Chief Financial Officer
Leon's Furniture Limited
Tel: +1 (416) 243-4074
lflgroup.ca
Investor Contact:
Jonathan Ross
LodeRock Advisors, Leon's Investor Relations
jon.ross@loderockadvisors.com
Tel: +1 (416) 283-0178
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/180222
