TORONTO, Aug. 31,
2023 /PRNewswire/ - Restaurant Brands International
Inc. ("RBI") (TSX: QSR) (NYSE: QSR) announced today that its Board
of Directors has approved a share repurchase authorization (the
"Repurchase Authorization") pursuant to which RBI may purchase up
to US$1.0 billion of its common
shares over the next 2 years through September 30, 2025. This approval follows the
expiration of RBI's prior 2 year authorization to repurchase up to
the same US$1 billion amount of its
common shares.
Pursuant to the Repurchase Authorization, and subject to the
approval of the Toronto Stock Exchange ("TSX"), RBI intends to
commence a normal course issuer bid ("NCIB") permitting the
purchase for cancellation of common shares of up to 10% of its
public float.
Under its last NCIB which commenced on August 17, 2022 and expired on August 16, 2023 (the "2022 NCIB"), RBI previously
sought and received approval from the TSX to repurchase up to
30,254,374 common shares (which represented 10% of its public float
as of August 17, 2022). Despite this
approval, RBI did not repurchase any common shares under the 2022
NCIB.
About Restaurant Brands
International
Restaurant Brands International Inc. is one of the world's
largest quick service restaurant companies with over $40 billion in annual system-wide sales and over
30,000 restaurants in more than 100 countries. RBI owns four of the
world's most prominent and iconic quick service restaurant brands –
TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These
independently operated brands have been serving their respective
guests, franchisees and communities for decades. Through its
Restaurant Brands for Good framework, RBI is improving sustainable
outcomes related to its food, the planet, and people and
communities.
Forward-Looking
Statements
This press release includes forward-looking statements and
information, which are often identified by the words "may,"
"might," "believe," "thinks," "anticipate," "plans," "expects,"
"intends," or similar expressions and reflect management's
expectations regarding future events and operating performance and
speak only as of the date hereof. These forward-looking statements
include statements about RBI's expectations and beliefs regarding
its normal course issuer bid purchases and approval of the TSX of
the NCIB. The factors that could cause actual results to differ
materially from RBI's expectations are detailed in filings with the
U.S. Securities and Exchange Commission and on SEDAR+ in
Canada, such as its annual and
quarterly reports and current reports on Form 8-K, and include the
following: risks related to RBI's substantial indebtedness, risks
related to adverse economic and industry conditions and risks
related to unforeseen events, such as adverse weather conditions,
natural disasters, terrorist attacks or threats, pandemics,
including coronavirus (COVID-19), the war in Ukraine or other catastrophic events, all of
which could adversely affect its financial condition and prevent it
from fulfilling its obligations. Other than as required under U.S.
federal securities laws or Canadian securities laws, RBI undertakes
no obligation to update forward-looking statements to reflect
events or circumstances after the date hereof.
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SOURCE Restaurant Brands International Inc.