Leon's delists Brick debentures
Michael J. Knell -- Furniture Today, July 18, 2013
TORONTO — Leon's Furniture will delist the debentures issued by The Brick from the Toronto Stock Exchange on July 31 as a cost saving measure.
The 12% senior secured notes are due on May 30, 2014, and were issued when The Brick restructured its finances in 2012.
The Brick become a wholly owned subsidiary of Leon's in March. Leon's guaranteed the obligations to the debenture holders when the deal closed and will comply with the continuous disclosure requirements required under securities regulations.
Leon's said it anticipates the Brick will remain a reporting issuer under Canadian securities laws until sometime after the debentures are repaid in 2014.
Noting that there have been fewer than 10 trades of the debentures on the TSX in the past three months, Leon's said the ongoing expense related to the listing - as well the fact that maturity is less than a year away - cannot be justified.
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