Main Menu
In the News
Special Contributors
Special Report - Bedding
Events Calendar
Contact HGO
2015 Product Guide
Merchandiser Spring 2015
Merchandiser Winter 2015
Research Store

Canada Counts
A survey of Canadian buying intentions.
Purchase Report


Brick launches buy-back plan PDF Print E-mail
Written by Michael J. Knell   

EDMONTON (05 September 2011) - The Brick has announced it has received approval from the Toronto Stock Exchange (TSX) to launch a ‘normal course issue bid' (NCIB) to buy back up to 5% of its outstanding shares and warrants.

The NCIB period began on August 30 and will run until August 29, 2012.

Under the scheme, the Brick will be allowed to purchase up to 6.1 million of its existing Class ‘A' common shares - about 5% of the 122.1 million outstanding. It will also be able to purchase up to 558,423 out its outstanding warrants, once again, about 5% of the 11.2 million warrants outstanding.

Under the terms of the refinancing deal the Brick entered into in 2009, warrants were issued to the company's debt holders and can be converted to ordinary Class ‘A' on a one-for-one basis until May 27, 2014 at an exercise price of $1.

All of the NCIB purchases will be made through the TSX at the prevailing trading price.

In late May, the Brick announced it has repurchased for cancellation some 2.7 million share as well as 5.9 million warrants under the NCIB that began in August 2010. Repurchasing that 5% of shares and warrants cost approximately $16 million, at an average price of $2.62 for the shares and $1.47 for the warrants.

<Previous   Next>



Please, update your HGO profile

BRIGHTON, Ontario – To improve the efficiency of our newsletter delivery service and to bring ourselves in alignment with current Canadian legislation, we need our loyal readers to update their profiles.

If you’re in big ticket home goods, you can’t be without Home Goods Online – the only business-to-business news and information service for those working in Canada’s furniture, mattress, major appliance and consumer electronics industries.

Update Your Profile Now
HGO Merchandiser