Press release from CNW Group
Common share buyback program of Richelieu Hardware Ltd.
Monday, December 05, 2011
Common share buyback program of Richelieu Hardware Ltd.09:53 EST Monday, December 05, 2011MONTREAL, Dec. 5, 2011 /CNW Telbec/ - Richelieu Hardware Ltd. (TSX: RCH) ("Richelieu" or the "Company") announces that the Toronto Stock Exchange has accepted its notice of intention to make a "normal course issuer bid" to purchase up to 1,042,335 of its common shares, representing 5% of the 20,846,709 outstanding common shares as at November 30, 2011, through the facilities of such exchange. The Company can only buy a maximum of 2,423 shares on a daily basis (per market day).The number of shares that the Company intends to purchase and the time of such purchases will be determined by the Company, in its discretion. The purchase period will begin December 7, 2011, and end on the earlier of December 6, 2012, or the date on which the Company will have either acquired the above-stated maximum number of shares or otherwise decided not to make any further purchases. All the shares purchased will be cancelled by the Company.The Board of Directors of Richelieu has concluded that the purchase of 1,042,335 common shares may represent from time to time, an appropriate use of the Company's corporate funds. During the period from December 6, 2010, to November 30, 2011, the Company purchased 372,800 shares at a weighted average price of $28.20 per share.To the best knowledge of the Company, after reasonable inquiry, no director, senior officer or any of their associates, no person acting jointly or in concert with the Company, and no person holding 10% or more of the common shares currently intends to sell common shares under this normal course issuer bid.ProfileRichelieu is a leading North American distributor, importer and manufacturer of specialty hardware and complementary products. Its products are targeted to an extensive customer base of kitchen and bathroom cabinet, furniture, and window and door manufacturers plus the residential and commercial woodworking industry, as well as a large customer base of hardware retailers, including renovation superstores. Richelieu offers customers a broad mix of high-end products sourced from manufacturers around the world. Its product selection consists of more than 90,000 different items targeted to a base of some 70,000 customers who are served by 59 centres in North America - 34 distribution centres in Canada, 23 in the United States and two manufacturing plants in Canada, specifically Cedan Industries Inc. which specializes in the manufacture of a wide variety of veneer sheets and edgebanding products and Menuiserie des Pins Ltée which manufactures components for the window and door industry and a broad selection of decorative mouldings.For further information: ANTOINE AUCLAIR Vice-President, Finance and Chief Financial Officer (514) 832-4036 www.richelieu.com