OMAHA, NE, Dec. 22, 2017 /CNW/ - Berkshire Hathaway Inc.
(NYSE: BRK.A; BRK.B) ("Berkshire") announced today that
Restaurant Brands International Inc. (the "Issuer")
completed a redemption (the "Redemption") of all 68,530,939
issued and outstanding Class A 9.00% Cumulative Compounding
Perpetual Voting Preferred Shares (the "Class A Preferred
Shares") of the Issuer, all of which were beneficially owned by
Berkshire, on December 12, 2017. The
Class A Preferred Shares were beneficially owned by Berkshire
through its wholly-owned subsidiary, Columbia Insurance
Company.
The Class A Preferred Shares were redeemed in accordance with
the provisions of the Class A Preferred Shares set out in the
Issuer's articles of amendment ("Articles"), which provide
that in connection with such redemption, each holder of Class A
Preferred Shares is entitled to receive a cash payment equal to the
sum of (i) US$48.109657 per Class A Preferred Share, plus
(ii) the accrued and unpaid dividends on each Class A Preferred
Share, including any and all Past Due Dividends (as defined in the
Articles) and Additional Dividends (as defined in the Articles) on
such Past Due Dividends, in each case, whether or not declared, to
the Redemption Date (as defined in the Articles), plus or minus
(iii) any unpaid Make Whole Dividends (as defined in the Articles)
for all prior fiscal years, all Past Due Dividends in respect of
any Make Whole Dividends and all Additional Dividends, in each
case, whether or not declared. The redemption price may be reduced
in the event the Make Whole Dividends calculation (made in
accordance with the Articles) results in an amount less than
zero.
Prior to the Redemption, Berkshire beneficially owned 100% of
the Class A Preferred Shares, which represented approximately
12.85% of the total number of votes attached to all outstanding
voting shares of the Issuer and 14.44% when the Class A Preferred
Shares were aggregated with the 8,438,225 common shares ("Common
Shares") of the Issuer that Berkshire beneficially owns.
Following the Redemption, Berkshire does not own any Class A
Preferred Shares but will continue to beneficially own 8,438,225
Common Shares, which represented approximately 3.55% of the
outstanding Common Shares and 1.82% of the total number of votes
attached to all outstanding voting shares of the Issuer.
The Redemption was completed by the Issuer in accordance with
the provisions of the Class A Preferred Shares. The Common Shares
will be held for investment purposes. Berkshire will evaluate its
investment in the Issuer from time to time and may, based on such
evaluation, market conditions and other circumstances, increase or
decrease its shareholdings as circumstances require pursuant to
market transactions, private agreements, or otherwise, in each case
in accordance with applicable securities laws.
This press release is issued pursuant to National Instrument
62-103 – The Early Warning System and Related Take-Over Bid and
Insider Reporting Issues, which requires a report to be filed
under the Issuer's profile on SEDAR (www.sedar.com) containing
additional information with respect to the foregoing matters. A
copy of such report may be obtained by contacting Marc D. Hamburg, Senior Vice President and Chief
Financial Officer at (402) 346-1400. Berkshire is located at 3555
Farnam Street, Suite 1440, Omaha,
NE 68131. The Issuer is located at 226 Wyecroft Road,
Oakville, Ontario, L6K 3X7.
About Berkshire Hathaway (www.berkshirehathaway.com):
Berkshire Hathaway and its subsidiaries engage in diverse
business activities including insurance and reinsurance, utilities
and energy, freight rail transportation, finance, manufacturing,
retailing and services. Common stock of Berkshire is listed on the
New York Stock Exchange, trading symbols BRK.A and BRK.B.
Cautionary Statement
Certain statements contained in this press release are "forward
looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and Canadian securities legislation.
These statements are not guaranties of future performance and
actual results may differ materially from those forecasted.
SOURCE Berkshire Hathaway Inc.