TORONTO, March 7, 2022 /CNW/ - Sleep Country Canada
Holdings Inc. ("Sleep Country" or the "Company") (TSX: ZZZ)
announced today acceptance by the Toronto Stock Exchange
(the "TSX") of the Company's Notice of Intention to Make a
Normal Course Issuer Bid ("NCIB"). Pursuant to the NCIB, the
Company proposes to purchase through the facilities of the TSX or
alternative trading systems, from time to time over the next 12
months, if considered advisable, up to a maximum of 1,673,920
common shares ("Shares") of the Company, being approximately 5.31%
of its public float of 31,552,506 Shares as of February 28, 2022. Purchases may commence through
the TSX on March 9, 2022 and will conclude on the
earlier of the date on which purchases under the bid have been
completed and March 8, 2023. The Company may purchase up to a
daily maximum of 21,173 Shares (representing 25% of the
average daily trading volume of the Shares on the TSX for the six
months prior to February 28, 2022,
being 84,695 Shares), except where such purchases are made in
accordance with the "block purchase" exception under applicable TSX
rules and policies.
The Shares may be purchased for cancellation through the
facilities of the TSX or alternative trading systems. The board of
directors of Sleep Country has concluded that the market price of
Sleep Country's Shares may not, from time to time, reflect the
inherent value of the Company and purchases of Shares pursuant to
the bid may represent an appropriate and desirable use of funds
that allows the Company to return excess cash to shareholders,
while still having sufficient cash available to fund all of its
growth capital expenditure requirements.
The Company did not purchase any Shares under its previous
normal course issuer bid which commenced on March 9, 2021, pursuant to which it sought and
obtained approval of the TSX to purchase 928,333 Shares. Sleep
Country's previous normal course issuer bid expires on March 8, 2022. As of February 28, 2022, the Company had 36,913,987
issued and outstanding Shares.
About Sleep Country
Sleep Country is Canada's
leading omnichannel and direct-to-consumer specialty sleep retailer
with a national retail store network and robust eCommerce
platforms. The Company operates under retail banners: "Sleep
Country Canada", with omnichannel operations in Canada excluding Québec; "Dormez-vous?" with
omnichannel operations in Québec; "Endy", Canada's leading direct-to-consumer online
sleep solutions retailer; and recently acquired Hush Blankets Inc.,
one of Canada's fastest-growing
digital retailers. As of March 7,
2022, Sleep Country has 286 stores and 20 warehouses across
Canada. Sleep Country is a
purpose-led company dedicated to transforming lives by awakening
Canadians to the power of sleep. The Company is committed to
meaningfully and positively supporting its environment, people and
communities including operating a comprehensive Mattress Recycling
Program and working closely with Canadian charities to donate new
and gently used mattresses to families and children in need
For more information about the Company visit
www.sleepcountryir.ca
Forward-Looking Information
Certain information in this news release contains
forward-looking information and forward-looking statements which
reflect the current view of management with respect to the
Company's objectives, plans, goals, strategies, outlook, results of
operations, financial and operating performance, prospects and
opportunities. Wherever used, the words "may", "will",
"anticipate", "intend", "estimate", "expect", "plan", "believe" and
similar expressions identify forward-looking information and
forward-looking statements. Forward-looking information and
forward-looking statements should not be read as guarantees of
future events, performance or results, and will not necessarily be
accurate indications of whether, or the times at which, such
events, performance or results will be achieved. All of the
information in this news release containing forward-looking
information or forward-looking statements is qualified by these
cautionary statements.
Forward-looking information and forward-looking statements are
based on information available to management at the time they are
made, underlying estimates, opinions and assumptions made by
management and management's current good faith belief with respect
to future strategies, prospects, events, performance and results,
and are subject to inherent risks and uncertainties surrounding
future expectations generally. Such risks and uncertainties
include, but are not limited to, the impact of the novel
coronavirus pandemic, those described under the sections "Risk
Factors" and "COVID-19 Business Update" in the Company's 2021
management's discussion and analysis filed on March 3, 2022 and those described in the
Company's 2021 annual information form (the "AIF") filed on
March 3, 2022. A copy of the AIF can
be accessed under the Company's profile on SEDAR at www.sedar.com.
Additional risks and uncertainties not presently known to the
Company or that the Company currently believes to be less
significant may also adversely affect the Company. Readers are
urged to consider the risks, uncertainties, and assumptions
carefully in evaluating the forward-looking information and
forward-looking statements and are cautioned not to place undue
reliance on such information and statements. The Company does not
undertake to update any such forward-looking information or
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
laws.
SOURCE Sleep Country Canada Holdings Inc. Investor Relations