TORONTO, September 13, 2021 / CNW / – Léon Furniture Limited (“Leon“or the”Society“) (TSX: LNF), announced today that it has received approval for a common share repurchase program on the Toronto Stock Exchange. The Company intends to repurchase for cancellation up to 3,869,268 ordinary shares representing 4.99% of the total number of its 77,540,442 ordinary shares issued and outstanding at September 6, 2021. The average daily trading volume for the six months ending August 31, 2021 was 13,357. Therefore, with the exception of the block purchase exemptions, daily purchases will be limited to 3,339 common shares on the Toronto Stock Exchange.
The auction will start on September 15, 2021 and terminate on the earliest of the purchase dates of 3,869,268 Common Shares, with the issuer providing notice of termination, and September 14, 2022.
Purchases will be executed through the Toronto Stock Exchange or other Canadian trading systems at market price in accordance with the normal Toronto Stock Exchange issuer bid rules.
Pursuant to a previous notice of intention to proceed with a normal course issuer bid, pursuant to which the Company has requested and obtained approval from the TSX to purchase up to 4,010,999 shares for the period of September 15, 2020 To September 14, 2021, starting the September 8, 2021, the Company purchased 3,917,520 shares at an average purchase price of $ 21.11 per share through the facilities of the Toronto Stock Exchange and Canadian alternative trading systems.
Leon’s also announced today that it will engage in an automatic stock purchase plan (“ASPP”) with its broker, National Bank Financial Inc. (“National Bank”), in order to facilitate the repurchases of ordinary shares within the framework of the public tender offer.
Under the Leon’s ASPP, National Bank may purchase common stock at times when Leon’s would not normally be active in the market due to insider trading rules and its own internal blackout periods. Purchases will be made by National Bank according to the parameters established by Léon before the start of such a blackout period and in accordance with the terms of the ASPP.
We believe that the current price of our shares is very attractive and consider this to be a prudent use of our capital.
About Meubles Léon Limitée
LFL is the largest retailer of furniture, appliances and electronics in Canada. Our retail banners include: Leon’s; The brick; Taking bricks; and the Brick mattress store. Finally, with Brick’s Midnorthern Appliance banner alongside Leon’s Appliance Canada banner, this makes the Company the largest commercial appliance retailer in the country for builders, developers, hotels and property management companies. The Company has 303 retail stores coast to coast in Canada under various banners. The Company operates three websites: leons.ca, thebrick.com and its new site, furniture.ca. For more information visit lflgroup.ca.
This press release may contain forward-looking statements which are subject to known and unknown risks and uncertainties which could cause actual results to vary materially from the results targeted. These risks and uncertainties include those described in the periodic reports of Leon’s Furniture Limited, including the annual report, or in documents filed by Leon’s Furniture Limited from time to time with the securities regulatory authorities.
This press release may include certain “forward-looking statements” that are not made up of historical facts. Forward-looking statements include estimates and statements that describe the future plans, objectives or goals of the Company, including words indicating that the Company or management expects a condition or reported result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “could”, “could”, “could”, “will” or “will”. Because forward-looking statements are based on assumptions and deal with 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. The risks, uncertainties and other factors involved in 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. The forward-looking information contained in this press release includes, without limitation, the objectives, goals or future plans of the Company, as well as estimates of market conditions. Factors that could cause actual results to differ materially from this forward-looking information include, but are not limited to, failure to identify beneficial business opportunities, failure to convert the potential of sought-after business opportunities into tangible benefits for the Company or its shareholders, the Company’s ability to counter the potential impact of the COVID-19 coronavirus on factors relevant to the Company’s business, delays in obtaining or failure to obtain required shareholder approvals and the TSX, changes in stock markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in project development and the risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in the preparation of forward-looking information in this press release are reasonable, one should not place undue reliance on such information, which only applies as of the date of this press release. press release, and no guarantees can be made as such events will occur within the timeframe disclosed or will not occur 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, except as required by law.
SOURCE Léon Furniture Limited
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