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Press release from CNW Group

TSX Approval of Leon's Repurchase Programme for Common Shares

Thursday, September 08, 2011

TSX Approval of Leon's Repurchase Programme for Common Shares10:21 EDT Thursday, September 08, 2011TORONTO, Sept. 8, 2011 /CNW/ - Leon's Furniture Limited announced today 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 3,489,818 Common Shares representing 4.99% of the total number of its 69,936,235 issued and outstanding Common Shares as at August 28, 2011.  Daily purchases will be limited to 2,101 common shares, other than block purchase exemptions.From September 10, 2010 to August 28, 2011, Leon's purchased 494,734 Common Shares pursuant to a normal course issuer bid at an average purchase price of $13.64.The bid will commence on September 10, 2011 and terminate on the earliest of the purchase of 3,489,818 Common Shares, the issuer providing a notice of termination, and September 9, 2012.Purchases will be executed through the facilities of the Toronto Stock Exchange at market price under the normal course issuer bid rules of the Toronto Stock Exchange.The Company believes that the repurchases may enhance liquidity for shareholders while providing the Company with the opportunity to buy back its shares when it appears attractive to do so.For further information: please contact Dominic Scarangella, Chief Financial Officer, at 416-243-4073