Leon's Launches Stock Buyback Bid
Furniture Today Staff -- Furniture Today, September 29, 2011
TORONTO - Leon's Furniture has received approval from the Toronto Stock Exchange to launch a bid to repurchase as much as 4.99% of its outstanding common shares.
The retailer said it intends to acquire for cancellation approximately 3.5 million shares. Daily purchases under the scheme will be limited to 2,101 common shares, other than its permitted block purchases.
The bid was launched on Sept.10 and will continue until Sept. 9, 2012, or until it reacquires the approved number of shares, whichever comes first.
The full-line furniture and appliance retailer also noted that under its previous buyback program, which ended Aug. 28, it acquired some 494,734 common shares at an average price of C$13.64 for a total cost of about C$6.7 million.
Leon's shares have been trading on the TSX in the C$11.75 range recently. While that's above the current 52-week low of C$10.56, it's also well below the high of C$15.65.
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