MONTREAL, Jan. 8, 2025 /CNW/ - Richelieu Hardware Ltd. (TSX: RCH) ("Richelieu" or the "Corporation") hereby confirms having received, from the TSX, the authorization to renew its normal course issuer bid (the "Bid"). In accordance with the Bid, the Corporation intends to repurchase, for cancellation purposes, some of its common shares through the facilities of the Toronto Stock Exchange or Alternative Canadian Trading Systems.
Under the Bid, the Corporation may repurchase for cancellation up to 1,750,000 common shares. This represents approximately 3.17% of its 55,218,678 issued and outstanding common shares as of January 3rd, 2025. These purchases will be made in accordance with applicable regulations over a maximum period of twelve (12) months beginning on January 13th, 2025 and ending on January 12, 2026. The average daily trading volume of Richelieu's common shares over the six (6) calendar months prior to the date hereof was 54,543. Accordingly, the Corporation is entitled to purchase, on any trading day, up to 13,635 common shares. The consideration that the Corporation will pay for any common shares acquired by it under the Bid will be paid cash at the market price of such common shares at the time of acquisition.
During the last twelve (12) months, the Corporation repurchased, either through the facilities of the Toronto Stock Exchange or Alternative Canadian Trading Systems, 1,007,712 common shares at a weighted average price paid of $38.41, all pursuant to a previously approved program having authorized the Corporation to proceed with the purchase in the normal course of a maximum of 1,500,000 common shares.
The Corporation believes that the purchase by the Corporation of its own shares may, in appropriate circumstances, be a responsible investment of funds on hand.
About Richelieu Hardware Ltd.
Richelieu 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, storage and closet, home furnishing and office furniture manufacturers, residential and commercial woodworkers, door and window, and hardware retailers including renovation superstores. Richelieu offers customers a broad mix of high-end products sourced from manufacturers worldwide. Its product selection consists of over 145,000 different items targeted to a base of more than 120,000 customers who are served by 112 centers in North America – 48 distribution centers in Canada, 61 in the United States and 3 manufacturing plants in Canada, specifically Cedan Industries Inc., Menuiserie des Pins Ltée and USIMM/UNIGRAV, which manufacture a variety of veneer sheets and edge banding products, a broad selection of decorative mouldings and components for the window and door industry as well as custom products, including a 3D scanning centre.
SOURCE Richelieu Hardware Ltd.
For information: Antoine Auclair, Vice-President and Chief Financial Officer, Tel: (514) 336-4144, www.richelieu.com
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