BRP announces the renewal of its normal course buyback offer
VALCOURT, QC, December 1, 2021 / PRNewswire / – BRP Inc. (TSX: DOO) (NASDAQ: DOOO) today announces that the Toronto Stock Exchange (the âTSXâ) has approved the renewal of its public tender offer (âNCIBâ) for cancellation of up to 3,787,945 subordinate voting shares during the twelve month period beginning on December 3, 2021 and ending no later than December 2, 2022, representing approximately 10% of the free float of 37,879,457 subordinate voting shares at the November 29, 2021. Like a 29 november, 2021, 39,049,636 subordinate voting shares were issued and outstanding.
The tender offer will be made through the facilities of the TSX or alternative trading systems, if eligible, and will be in accordance with their regulations. Purchases in the normal course of the public tender offer will be made through open market transactions or any other means that a securities regulatory authority may authorize, including pre-arranged crosses, exempt offers and private agreements under a public tender offer exemption order issued by a securities regulator. authority.
Under the TSX rules, BRP will be permitted to purchase daily, through the TSX, a maximum of 59,716 Subordinate Voting Shares representing 25% of the average daily trading volume, as calculated under the rules. TSX for the last six completed calendar months. . In addition, BRP may make, once a week, a bulk purchase (as that term is defined in the TSX Company Handbook) of subordinate voting shares not directly or indirectly owned by insiders of the company. BRP, in accordance with TSX rules. The Subordinate Voting Shares purchased under the Offer will be canceled.
The price to be paid by BRP for any Subordinate Voting Share will be the market price at the time of acquisition, plus brokerage fees. In the event that BRP purchases subordinate voting shares through cross-transactions, exempt offers, block purchases or over-the-counter, the purchase price of the subordinate voting shares may be , and will, in the case of over-the-counter purchases, be at a discount to the price of the Subordinate Voting Shares at the time of acquisition.
As part of this public tender offer, BRP has entered into an automatic share purchase plan (the âAPPâ) with a designated broker to allow the purchase of subordinate voting shares under the terms of offer at times when BRP would not normally be permitted to purchase shares due to regulatory restrictions or self-imposed blackout periods. In accordance with the APP, prior to entering a blackout period, BRP may, but is not required to, request the designated broker to make purchases under the public credit buyback offer in accordance with to the terms of the APP. These purchases will be determined by the broker in its sole discretion based on parameters established by BRP prior to the blackout period in accordance with TSX, Canadian and Canadian rules. United States the securities laws and the terms of the APP. The APP has been pre-authorized by the TSX and will be implemented as of January 24, 2022. Outside of pre-established blackout periods, Subordinate Voting Shares will be purchased as part of the issuer bid, at management’s discretion, in accordance with TSX rules and applicable securities laws. . All redemptions made under the APP will be included in the calculation of the number of subordinate voting shares purchased under the public tender offer.
Pursuant to the public tender offer which expired on November 30, 2021, BRP purchased 4,278,028 subordinate voting shares at a volume weighted average price of $ 93.65. The purchases were made through the TSX and at the times and in numbers determined by BRP in accordance with the policies and rules of the TSX. Purchases were also made through qualifying alternative trading systems. Between December 1, 2020 and November 30, 2021, BRP was authorized to purchase a total of 4,278,028 subordinate voting shares, representing approximately 10% of the public float of 42,780,280 subordinate voting shares in the November 23, 2020.
BRP’s board of directors believes that the purchase by BRP of its subordinate voting shares could represent an appropriate and desirable use of its available cash to increase shareholder value.
We are a global leader in powersports vehicles, propulsion systems and boats built on more than 75 years of ingenuity and intensive attention to consumers. Our distinctive and industry-leading product portfolio includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am on-road and off-road vehicles, Alumacraft, Manitou, Quintrex boats and Rotax marine propulsion systems as well as Rotax engines for karts and pleasure planes. We complement our product lines with a company dedicated to parts, accessories and clothing to fully enhance the driving experience. With annual sales of CAD $ 6.0 billion in more than 130 countries, our global workforce is made up of more than 14,500 motivated and resourceful people.
Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Alumacraft, Manitou, Quintrex, Stacer, Savage, Evinrude and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.
ATTENTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements included in this press release, including, but not limited to, statements relating to the renewal of the normal course issuer bid and the potential purchases of subordinate voting shares by BRP pursuant to this, or any other future event or development and other statements that are not historical facts, constitute “forward-looking statements” within the meaning of applicable securities laws. The words “may”, “will”, “would”, “should”, “could”, “expects”, “plans”, “plans”, “intends”, “trends”, ” indications “,” anticipates “,” believes “” estimates “,” prospects “,” predicts “,” projects “,” probable “or” potential “or negative or other variations of these words or other comparable words or expressions , are intended to identify forward-looking statements. Forward-looking statements, by their nature, involve inherent risks and uncertainties and are based on assumptions, both general and specific. were made, subject to greater uncertainty. Actual results or future events or developments may differ materially from those expressed or implied by forward-looking statements due to a number of factors, including the impact of adverse economic conditions such as those resulting from the health crisis. current COVID-19 (including on consumer spending, the Company’s operations and supply and distribution chains, the availability of credit and the Company’s workforce) as well as those identified in the report annual management and audited consolidated financial statements for its 2021 fiscal year, the MD&A and interim financial statements for the first three quarters of its 2022 fiscal year and other recent and future filings with Canadian and US securities regulatory authorities applicable securities, available on SEDAR at the address sedar.com or EDGAR at sec.gov, respectively. These factors are not intended to represent a complete list of factors that could affect the Company; however, these factors must be considered with care. The forward-looking statements contained in this press release are made as of the date of the press release and the Company has no intention and assumes no obligation to update or revise any forward-looking statements to reflect future events, changes circumstances or changes. in beliefs, unless required by applicable securities regulations. In the event that the Company updates any forward-looking statements contained in this press release, no inference should be made that the Company will make further updates regarding this statement, related matters or any other forward-looking statement.
SOURCE BRP inc.