Brick launches new share, warrant repurchase program
Furniture Today Staff -- Furniture Today, September 13, 2011
EDMONTON, Alberta — The Brick has announced it has received approval from the Toronto Stock Exchange to launch a normal course issuer bid to buy back up to 5% of its outstanding shares and warrants.
The bid period began on Aug. 30 and will run until August 29, 2012.
The Brick will be allowed to purchase up to 6.1 million of its existing Class A common shares and up to 558,423 warrants, each of which represents about 5% of the outstanding total.
Under the terms of the refinancing deal the Brick entered into in 2009, warrants were issued to the company's debt holders and can be converted to ordinary Class A on a one-for-one basis until May 27, 2014, at an exercise price of $1.
In May, the Brick announced it has repurchased some 2.7 million shares and 5.9 million warrants under a bid that began in August 2010. Repurchasing that 5% of shares and warrants cost about $16 million, at an average price of $2.62 for the shares and $1.47 for the warrants.
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Brick Launches New Share, Warrant Repurchase Program
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