VALCOURT, QC, Dec. 6, 2024
/CNW/ - BRP Inc. (TSX: DOO) (NASDAQ: DOOO) announces today
that the Toronto Stock Exchange (the "TSX") has approved the
renewal of its normal course issuer bid ("NCIB") to purchase for
cancellation up to 3,331,852 subordinate voting shares over the
twelve-month period commencing on December
10, 2024 and ending no later than December 9, 2025, representing approximately 10%
of the public float of 33,318,520 subordinate voting shares as at
December 4, 2024. As at December 4, 2024, 34,490,799 subordinate
voting shares were issued and outstanding.
The NCIB will be conducted through the facilities of the TSX or
alternative Canadian trading systems, if eligible, and will conform
to their regulations. Purchases under the normal course issuer bid
will be made by means of open market transactions or such other
means as a securities regulatory authority may permit, including
pre-arranged crosses, exempt offers and private agreements under an
issuer bid exemption order issued by a securities regulatory
authority.
Under TSX rules, BRP will be allowed to purchase daily, through
the facilities of the TSX, a maximum of 57,248 subordinate voting
shares representing 25% of the average daily trading volume of
228,995, as calculated per the TSX rules for the most recently
completed six calendar months. In addition, BRP may make, once per
week, a block purchase (as such term is defined in the TSX Company
Manual) of subordinate voting shares not directly or indirectly
owned by insiders of BRP, in accordance with TSX rules. The
subordinate voting shares purchased pursuant to the NCIB will be
cancelled.
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 by
pre-arranged crosses, exempt offers, block purchases or private
agreements, the purchase price of the subordinate voting shares may
be, and will be in the case of purchases by private agreements, at
a discount to the market price of the subordinate voting shares at
the time of the acquisition.
In connection with this NCIB, BRP has entered into an automatic
share purchase plan (the "APP") with a designated broker 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 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
January 24, 2025. 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. All
repurchases made under the APP will be included in computing the
number of subordinate voting shares purchased under the NCIB.
Under the NCIB that expired on December
4, 2024, BRP purchased 3,231,999 subordinate voting shares
at a volume weighted average price of $90.76. Purchases were effected through the
facilities of the TSX and at such times and in such numbers as
determined by BRP in accordance with the policies and rules of the
TSX. Purchases were also made through alternative eligible trading
systems. Between December 5, 2023 and
December 4, 2024, BRP was allowed to
purchase a total of 3,231,999 subordinate voting shares,
representing approximately 10% of the public float of 32,319,996
subordinate voting shares as at November 28,
2023.
The Board of Directors of BRP 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.
About BRP
BRP Inc. is a global leader in the world of
powersports products, propulsion systems and boats built on over 80
years of ingenuity and intensive consumer focus. Through its
portfolio of industry-leading and distinctive brands featuring
Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons,
Can-Am on and off-road vehicles, Alumacraft and Quintrex boats,
Manitou pontoons and Rotax marine
propulsion systems as well as Rotax engines for karts and
recreational aircraft, BRP unlocks exhilarating adventures and
provides access to experiences across different playgrounds. The
Company completes its lines of products with a dedicated parts,
accessories and apparel portfolio to fully optimize the riding
experience. Committed to growing responsibly, BRP is developing
electric models for its existing product lines. Headquartered in
Quebec, Canada, BRP has annual
sales of CA$10.4 billion from over 130 countries and employs close
to 20,000 driven, resourceful people as of January 31, 2024.
www.brp.com
@BRPNews
Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Alumacraft, Manitou, Quintrex, 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
STATEMENTS
Certain statements included in this
release, including, but not limited to, statements relating to the
renewal of the normal course issuer bid and potential purchases of
subordinate voting shares by BRP thereunder, or any other future
events or developments 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", "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, 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. The Company 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. Actual results or future
events or developments may differ materially from those expressed
or implied by the forward-looking statements due to a number of
factors, including those identified in BRP's annual management's
discussion and analysis and audited consolidated financial
statements for its fiscal year 2024, the management's discussion
and analysis and interim financial statements for the first three
quarters of its fiscal year 2025 and the other recent and future
filings with applicable Canadian and U.S. securities regulatory
authorities, available on SEDAR at sedar.com or EDGAR at sec.gov,
respectively. These factors are not intended to represent a
complete list of the factors that could affect the Company;
however, these factors should be considered carefully. 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 undertakes no obligation to update or revise any
forward-looking statements to reflect future events, changes in
circumstances, or changes in beliefs, unless required by applicable
securities regulations. In the event that the Company does update
any forward-looking statements contained in this press release, no
inference should be made that the Company will make additional
updates with respect to that statement, related matters or any
other forward-looking statement.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/brp-announces-the-renewal-of-its-normal-course-issuer-bid-302324458.html
SOURCE BRP Inc.
