BRP Establishes Automatic Share Purchase Plan
October 21 2019 - 6:00PM
BRP Inc. (TSX:DOO; NASDAQ:DOOO) announced today that, in connection
with its previously announced normal course issuer bid to purchase
for cancellation up to 4,170,403 subordinate voting shares of BRP
(the “NCIB”), it entered into an automatic share purchase plan
(the “APP”) with a designated broker. This is intended to allow for
the purchase of subordinate voting shares under the NCIB at times
when BRP would ordinarily not be permitted to purchase shares due
to regulatory restrictions or self-imposed blackout periods.
Pursuant to the APP, before entering into a
blackout period, BRP may, but is not required to, instruct the
designated broker to make purchases under the NCIB in accordance
with the terms of the APP. Such 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 the rules of
the Toronto Stock Exchange ("TSX”), applicable Canadian and United
States securities laws and the terms of the APP. The APP has been
pre-cleared by the TSX and will be implemented effective October
24, 2019.
Outside of pre-determined blackout periods,
subordinate voting shares will be purchased under the NCIB based on
management's discretion, in compliance with TSX rules and
applicable securities laws. The NCIB commenced on April 2, 2019 and
will terminate no later than April 1, 2020. All repurchases made
under the APP will be included in computing the number of
subordinate voting shares purchased under the NCIB. As of October
21, 2019, BRP has repurchased 2,131,175 subordinate voting shares
under the renewal of the NCIB.
About BRP
We are a global leader in the world of
powersports vehicles, propulsion systems and boats built on over 75
years of ingenuity and intensive consumer focus. Our portfolio of
industry-leading and distinctive products includes Ski-Doo and Lynx
snowmobiles, Sea-Doo watercraft, Can-Am on- and off-road vehicles,
Alumacraft, Manitou and Telwater boats, Evinrude and Rotax marine
propulsion systems as well as Rotax engines for karts, motorcycles
and recreational aircraft. We complete our lines of products with a
dedicated parts, accessories and clothing to fully enhance the
riding experience. With annual sales of CA$5.2 billion from over
120 countries, our global workforce is made up of more than 12,500
driven, resourceful people. www.brp.com @BRPNews
Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Evinrude,
Manitou, Alumacraft, Telwater and the BRP logo are trademarks of
Bombardier Recreational Products Inc. or its affiliates. All other
trademarks are the property of their respective owners.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTSCertain information included in this release,
including, but not limited to, statements relating to potential
purchases of subordinate voting shares by BRP under the normal
course issuer bid, and other statements that are not historical
facts, are “forward-looking statements” within the meaning of
Canadian securities laws. Forward-looking statements are typically
identified by the use of terminology such as “may”, “will”,
“would”, “should”, “could”, “expects”, "forecasts", “plans”,
“intends”, “trends”, “indications”, “anticipates”, “believes”,
“estimates”, “outlook”, “predicts”, “projects”, “likely” or
“potential” or the negative or other variations of these words or
other comparable words or phrases. Forward looking statements, by
their very nature, involve inherent risks and uncertainties and are
based on several assumptions, both general and specific. BRP is
under no obligation to purchase any shares under the APP or the
NCIB and the timing and amount of such purchases, if any, depend on
a number of factors including the market price of our subordinate
voting shares. BRP cautions that its assumptions may not
materialize and that current economic conditions render such
assumptions, although believed reasonable at the time they were
made, subject to greater uncertainty. Such forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties and other factors which may
cause the actual results or performance of the Company or the
powersports industry to be materially different from the outlook or
any future results or performance implied by such statements.
Further details and descriptions of these and other factors are
disclosed in BRP’s annual information form dated March 21,
2019.
For
media enquiries: |
For
investor relations: |
|
|
Elaine Arsenault |
Philippe Deschênes |
Senior Advisor, Media Relations |
Manager Treasury and Investor Relations |
Tel.: 514.732.7092 |
Tel.: 450.532.6462 |
medias@brp.com |
philippe.deschenes@brp.com |
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