Reitmans (Canada) Limited Announces Approval of Normal Course Issuer Bid

MONTREAL, July 31, 2024 /CNW/ - Reitmans (Canada) Limited ("RCL" or the "Company") (TSXV: RET) (TSXV: RET.A) today announces that it has received approval from the TSX Venture Exchange (the "TSX-V") to proceed with its Normal Course Issuer Bid ("NCIB") previously announced on June 18, 2024.

Under the NCIB, the Company may acquire up to an aggregate of 3,283,582 Class A Non-Voting Shares of the Company ("Shares") over the 12-month period commencing on August 5, 2024, and ending on August 4, 2025, representing approximately 10% of the public float of the Shares. Additionally, under the NCIB, the Company may not acquire more than 2% of the public float of the Shares, representing 718,326 Shares, in any 30-day period.

Purchases under the NCIB will be carried out in the open market through the facilities of the TSX-V and alternative trading systems or by such other means as may be permitted under applicable securities laws during the term of the NCIB at the prevailing market price of the Shares at the time of purchase. All Shares purchased by the Company under the NCIB will be cancelled. The actual number of Shares which may be purchased pursuant to the NCIB and the timing of any purchases will be determined by management and the Board of Directors of the Company. The NCIB will be conducted through BMO Nesbitt Burns Inc. and made in accordance with the policies of the TSX-V.

The funding for any purchases pursuant to the NCIB will be from the available funds of the Company. To the Company's knowledge, none of the directors, senior officers, or other insiders of the Company, or any associates of such persons, or any associate of affiliates of the Company, has any present intention to sell any Shares during the course of the NCIB. During the past 12 months, no Shares were purchased by the Company.

The Board of Directors of the Company has concluded that purchases of Shares under the NCIB may be an appropriate and desirable use of RCL's available funds and, therefore, would be in the best interests of RCL. As a result of such purchases under the NCIB, the number of issued and outstanding Shares will be decreased and, consequently, the proportionate share interest of all remaining shareholders will be increased on a pro rata basis.

Expiry Date of Options Granted on June 26, 2024

Further to the Company's press release dated June 26, 2024 regarding the granting of options to members of its management, the expiry date of the options granted is July 26, 2027 for all members of its management other than its President and CEO, in whose case the expiry date of the options granted is July 26, 2028.

About Reitmans (Canada) Limited

RCL is one of Canada's leading specialty apparel retailers for women and men, with retail outlets throughout the country. The Company operates 391 stores under three distinct banners consisting of 226 Reitmans, 85 PENN. Penningtons, and 80 RW&CO.

For more information, visit www.reitmanscanadalimited.com.

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Forward Looking Statements

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, including those identified in the Company's filings with Canadian securities regulatory authorities.  Consequently, actual future results may differ materially from the anticipated results expressed in forward-looking statements, which reflect the Company's expectations only as of the date of this press announcement.  Forward-looking statements are based upon the Company's current estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and currently expected future developments, as well as other factors it believes are appropriate in the circumstances.  Specific forward-looking statements may include, but are not limited to, statements with respect to the Company's anticipated future results and events, future liquidity, opportunities and the risks related to the NCIB, planned capital expenditures, amount of pension plan contributions, status and impact of systems implementation, the ability of the Company to successfully implement its strategic initiatives and cost reduction and productivity improvement initiatives as well as the impact of such initiatives.  The reader should not place undue reliance on any 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Reitmans (Canada) Ltd