easyhome Ltd.
TSX : EH

easyhome Ltd.

July 03, 2009 16:51 ET

easyhome Ltd. Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - July 3, 2009) - easyhome Ltd. (TSX:EH) today announced the acceptance by the Toronto Stock Exchange (the "TSX") of easyhome Ltd.'s Notice of Intention to Make a Normal Course Issuer Bid (the "NCIB"). Pursuant to the NCIB, easyhome Ltd. proposes to purchase, from time to time, if it is considered advisable, up to an aggregate of 200,000 Common Shares, being approximately 3% of the public float of easyhome Ltd.'s issued and outstanding Common Shares as of June 30, 2009. At the end of the day on June 30, 2009, easyhome Ltd. had 10,505,845 Common Shares issued and outstanding. Purchases may commence through the TSX on July 8, 2009 and will conclude on the earlier of the date on which purchases under the bid have been completed and July 7, 2009. Purchases will be subject to a daily maximum of 1,000 Common Shares, except where such purchases are made in accordance with the "block purchase" exemptions under applicable TSX policy. easyhome Ltd. purchased 5,200 Common Shares at a weighted averaged price of $16.55 pursuant to its previous year's normal course issuer bid.

Raymond James Ltd. ("Raymond James") will be appointed as the broker firm responsible for making purchases of Common Shares under the NCIB on behalf of easyhome pursuant to an automatic purchase plan agreement between Raymond James and easyhome (the "APP Agreement"). Pursuant to the APP Agreement, the timing for the purchase of Common Shares, the number of Common Shares purchased and the price payable for the Common Shares will be determined by Raymond James in its sole discretion, without consultation with easyhome, having regard to the price limitations and other terms of the APP Agreement and the rules of the TSX.

The Board of Directors of easyhome Ltd. believes that the proposed purchases are in the best interests of easyhome Ltd. and are a desirable use of corporate funds. All Common Shares purchased by easyhome Ltd. pursuant to the NCIB will be cancelled.

About easyhome

easyhome has 235 stores, including 209 Canadian corporate stores, 13 U.S. corporate stores, 7 U.S. franchised stores, 5 Canadian franchised stores and 1 licensed Canadian store as at June 30, 2009. easyhome is Canada's largest merchandise leasing company and the third largest in North America, offering top quality, brand name household furnishings, appliances and home electronic products to consumers under weekly or monthly leasing agreements. easyhome is listed on the TSX under the symbol 'EH'.

Contact Information

  • easyhome Ltd.
    David Ingram
    President & Chief Executive Officer
    (905) 272-2788
    or
    easyhome Ltd.
    Donald K. Johnson
    Chairman of the Board
    (416) 359-4119
    or
    easyhome Ltd.
    Chris Fregren
    Senior Vice President & Chief Financial Officer
    (905) 272-2788