Brink’s Announces $50 Million Accelerated Share Repurchase
August 05 2021 - 8:30AM
The Brink’s Company (NYSE:BCO), the global leader in total cash
management, route-based secure logistics and payment solutions,
today announced that it has entered into an accelerated share
repurchase ("ASR") agreement with J.P. Morgan Chase Bank, N.A., to
repurchase $50 million of the company’s common stock.
Brink’s will execute the ASR under a $250 million share repurchase
program authorized by its board of directors on February 6, 2020.
Upon completion of this ASR, and including the $50 million ASR that
was announced in August 2020, Brink’s will have $150 million
remaining under the authorization.
Doug Pertz, president and chief executive officer, said: “This
accelerated share repurchase demonstrates our commitment to
delivering value to our shareholders and our confidence in the
future. Our year-to-date results support this confidence, and we
expect continued momentum in the second half. More
importantly, we expect accelerated growth in 2022 as we exceed
pre-Covid revenue levels and begin to gain traction from our new
digital solutions. We look forward to disclosing our
next strategic plan, including new financial targets for 2023, at
our upcoming Investor Day.” Under terms of the
agreement, Brink’s will pay $50 million to J.P. Morgan and will
receive approximately 524,315 shares based on market prices,
representing approximately 80% of the total shares the company
expects to repurchase under the ASR agreement. Brink’s expects to
receive additional shares representing the balance of 20% of the
remaining shares under the ASR agreement by no later than November
24, 2021, when the ASR transaction is expected to be completed. The
final number of shares repurchased will be based on the average of
the daily volume-weighted prices of Brink’s common stock during the
term of the transaction, less a discount and subject to adjustments
related to the terms and conditions of the ASR agreement. As of
June 30, 2021, Brink’s had approximately 50.5 million fully diluted
shares outstanding.
About The Brink’s Company
The Brink’s Company (NYSE:BCO) is the global leader in total
cash management, route-based secure logistics and payment solutions
including cash-in-transit, ATM services, cash management services
(including vault outsourcing, money processing and intelligent safe
services), and international transportation of valuables. Our
customers include financial institutions, retailers, government
agencies, mints, jewelers and other commercial operations. Our
global network of operations in 53 countries serves customers in
more than 100 countries. For more information, please visit our
website at www.brinks.com or call 804-289-9709.
Forward-Looking Statements
This release contains forward-looking information. Words such as
"anticipate," "assume," "estimate," "expect," “target” "project,"
"predict," "intend," "plan," "believe," "potential," "may,"
"should" and similar expressions may identify forward-looking
information. Forward-looking information in these materials
includes, but is not limited to: future results, expected economic
recovery, demand for our services in future periods, the company’s
strategic initiatives and plan, including 2023 financial targets,
and expected purchases under the ASR agreement.
Forward-looking information in this document is subject to known
and unknown risks, uncertainties and contingencies, which are
difficult to predict or quantify, and which could cause actual
results, performance or achievements to differ materially from
those that are anticipated. Forward-looking information in this
document is subject to known and unknown risks, uncertainties and
contingencies, which are difficult to predict or quantify, and
which could cause actual results, performance or achievements to
differ materially from those that are anticipated. These risks,
uncertainties and contingencies, many of which are beyond our
control, include, but are not limited to: our ability to improve
profitability and execute further cost and operational improvement
and efficiencies in our core businesses; our ability to improve
service levels and quality in our core businesses; market
volatility and commodity price fluctuations; seasonality, pricing
and other competitive industry factors; investment in information
technology (“IT”) and its impact on revenue and profit growth; our
ability to maintain an effective IT infrastructure and safeguard
confidential information; our ability to effectively develop and
implement solutions for our customers; risks associated with
operating in foreign countries, including changing political, labor
and economic conditions, regulatory issues (including the
imposition of international sanctions, including by the U.S.
government), currency restrictions and devaluations, restrictions
on and cost of repatriating earnings and capital, impact on the
Company’s financial results as a result of jurisdictions determined
to be highly inflationary, and restrictive government actions,
including nationalization; labor issues, including negotiations
with organized labor and work stoppages; pandemics (including the
ongoing Covid-19 pandemic and related impact to and restrictions on
the actions of businesses and consumers, including suppliers and
customers), acts of terrorism, strikes or other extraordinary
events that negatively affect global or regional cash commerce;
anticipated cash needs in light of our current liquidity position
and the impact of Covid-19 on our liquidity; the strength of the
U.S. dollar relative to foreign currencies and foreign currency
exchange rates; our ability to identify, evaluate and complete
acquisitions and other strategic transactions and to successfully
integrate acquired companies; costs related to dispositions and
product or market exits; our ability to obtain appropriate
insurance coverage, positions taken by insurers relative to claims
and the financial condition of insurers; safety and security
performance and loss experience; employee and environmental
liabilities in connection with former coal operations, including
black lung claims; the impact of the Patient Protection and
Affordable Care Act on legacy liabilities and ongoing operations;
funding requirements, accounting treatment, and investment
performance of our pension plans, the VEBA and other employee
benefits; changes to estimated liabilities and assets in actuarial
assumptions; the nature of hedging relationships and counterparty
risk; access to the capital and credit markets; our ability to
realize deferred tax assets; the outcome of pending and future
claims, litigation, and administrative proceedings; public
perception of our business, reputation and brand; changes in
estimates and assumptions underlying critical accounting policies;
the promulgation and adoption of new accounting standards, new
government regulations and interpretation of existing standards and
regulations.
This list of risks, uncertainties and contingencies is not
intended to be exhaustive. Additional factors that could cause our
results to differ materially from those described in the
forward-looking statements can be found under "Risk Factors" in
Item 1A of our Annual Report on Form 10-K for the period ended
December 31, 2020, and in related disclosures in our other public
filings with the Securities and Exchange Commission, including our
Quarterly Reports on Form 10-Q for the quarterly periods ended
March 31, 2021 and June 30, 2021. The forward-looking information
included in this document is representative only as of the date of
this document and The Brink's Company undertakes no obligation to
update any information contained in this document.
Contact: Investor
Relations 804.289.9709
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