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Attention Business/Financial Editors
Reitmans (Canada) Limited - Normal course issuer bid
MONTREAL, Nov. 25 /CNW Telbec/ - Reitmans (Canada) Limited (the
"Corporation") announced today that it has received approval from the Toronto
Stock Exchange ("TSX") to proceed with a normal course issuer bid. Under the
bid, the Corporation may purchase up to 2,728,972 Class A Non-Voting Shares of
the Corporation (the "Shares"), representing 5% of the issued and outstanding
Class A Non-Voting Shares as at November 23, 2009. The average daily trading
volume for the 6-month period preceding November 1, 2009 is 84,048 Shares. In
accordance with TSX rules, a maximum daily repurchase of 25% of this average
may be made, representing 21,012 Shares.
The bid will commence on November 28, 2009 and may continue to November
27, 2010. The Shares will be purchased on behalf of the Corporation by a
registered broker through the facilities of the TSX. The price paid for the
Shares will be the market price at the time of acquisition, and the number of
Shares purchased and the timing of any such purchases will be determined by
the Corporation's management. All Shares purchased by the Corporation will be
cancelled. The Corporation currently has 54,579,456 Shares outstanding. During
the past 12 months, the Corporation purchased 2,861,350 Shares at a weighted
average price of $12.69 pursuant to a normal course issuer bid.
The directors of the Corporation have concluded that purchases of up to
2,728,972 of the issued and outstanding Shares are an appropriate and
desirable use of the Corporation's available funds and, therefore, would be in
the best interests of the Corporation. As a result of such purchases, the
number of issued Shares will be decreased and, consequently, the proportionate
share interest of all remaining shareholders will be increased on a pro rata
basis.
<<
Montreal, November 25, 2009
Jeremy H. Reitman, President
Telephone: (514) 385-2630
Corporate Website: www.reitmans.ca
>>
All of the statements contained herein, other than statements of fact
that are independently verifiable at the date hereof, are forward-looking
statements. Such statements, based as they are on the current expectations of
management, inherently involve numerous risks and uncertainties, known and
unknown, many of which are beyond the Company's control. Such risks include
but are not limited to: the impact of general economic conditions, general
conditions in the retail industry, seasonality, weather and other risks
included in public filings of the Company. Consequently, actual future results
may differ materially from the anticipated results expressed in
forward-looking statements. The reader should not place undue reliance on the
forward-looking statements included herein. These statements speak only as of
the date made and the Company is under no obligation and disavows any
intention to update or revise such statements as a result of any event,
circumstances or otherwise, except to the extent required under applicable
securities law.
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/For further information: Jeremy H. Reitman, President, (514) 385-2630;
www.reitmans.ca/
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