Brookfield Business Partners Announces Renewal of Normal Course Issuer Bids for Units and Exchangeable Shares
Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) has announced the renewal of its normal course issuer bids for Units and Exchangeable Shares. The Toronto Stock Exchange has accepted notices for both. The company is authorized to purchase up to 3,714,088 Units and 3,647,722 Exchangeable Shares, representing 5% of the issued and outstanding securities. Purchases can commence on August 19, 2024, and will terminate on August 18, 2025, or earlier if completed before. The company believes this may represent an attractive use of funds when securities trade below their value. Purchases will be made through various trading systems, subject to daily limits and compliance with securities laws. Brookfield has entered into automatic repurchase plans to allow purchases during blackout periods.
Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) ha annunciato il rinnovo delle proprie offerte di acquisto in un normale corso per Unità e Azioni Esportabili. La Borsa di Toronto ha accettato le comunicazioni relative a entrambe. L'azienda è autorizzata ad acquistare fino a 3.714.088 Unità e 3.647.722 Azioni Esportabili, che rappresentano il 5% dei titoli emessi e in circolazione. Gli acquisti possono iniziare il 19 agosto 2024 e termineranno il 18 agosto 2025, o prima se completati. L'azienda ritiene che questo possa rappresentare un uso interessante dei fondi quando i titoli vengono scambiati al di sotto del loro valore. Gli acquisti saranno effettuati attraverso vari sistemi di trading, soggetti a limiti giornalieri e al rispetto delle leggi sui titoli. Brookfield ha adottato piani di riacquisto automatici per consentire acquisti durante i periodi di blocco.
Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) ha anunciado la renovación de sus ofertas de compra normales por Unidades y Acciones Canjeables. La Bolsa de Valores de Toronto ha aceptado los avisos para ambas. La empresa está autorizada a adquirir hasta 3,714,088 Unidades y 3,647,722 Acciones Canjeables, representando el 5% de los valores emitidos y en circulación. Las compras pueden comenzar el 19 de agosto de 2024 y terminarán el 18 de agosto de 2025, o antes si se completan. La empresa considera que esto puede representar un uso atractivo de los fondos cuando los valores se negocian por debajo de su valor. Las compras se realizarán a través de varios sistemas de negociación, sujetas a límites diarios y el cumplimiento de las leyes de valores. Brookfield ha establecido planes de recompra automática para permitir adquisiciones durante los períodos de bloqueo.
브룩필드 비즈니스 파트너스 (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC)는 유닛 및 교환 가능한 주식에 대한 정상적인 자사주 매입 입찰을 갱신한다고 발표했습니다. 토론토 증권 거래소는 두 가지 모두에 대한 통지를 승인했습니다. 회사는 발행된 유가 증권의 5%에 해당하는 3,714,088 유닛 및 3,647,722 교환 가능한 주식을 매입할 수 있는 권한을 부여받았습니다. 매입은 2024년 8월 19일부터 시작하여 2025년 8월 18일에 종료되거나, 조기 완료 시 종료될 수 있습니다. 이 회사는 자산이 가치보다 낮게 거래될 때 이 조치가 자산 사용의 매력적인 방법이 될 수 있다고 믿습니다. 매입은 다양한 거래 시스템을 통해 이루어지며, 일일 한도 및 유가 증권 법규 준수를 조건으로 합니다. 브룩필드는 자동 매입 계획을 통해 차단 기간 동안 매입을 허용하게 되었습니다.
Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) a annoncé le renouvellement de ses offres de rachat normales pour les Unités et Actions Échangeables. La Bourse de Toronto a accepté les notifications concernant les deux. L'entreprise est autorisée à acheter jusqu'à 3 714 088 Unités et 3 647 722 Actions Échangeables, représentant 5 % des titres émis et en circulation. Les achats peuvent commencer le 19 août 2024 et se terminer le 18 août 2025, ou plus tôt s'ils sont finalisés avant. L'entreprise estime que cela pourrait représenter un utilisation attrayante des fonds lorsque les titres se négocient en dessous de leur valeur. Les achats seront effectués via divers systèmes de négociation, sous réserve de limites quotidiennes et du respect des lois sur les valeurs mobilières. Brookfield a mis en place des plans de rachat automatiques pour permettre des achats pendant les périodes de blocage.
Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) hat die Erneuerung seiner regulären Rückkaufangebote für Einheiten und Tauschbare Aktien angekündigt. Die Toronto Stock Exchange hat die entsprechenden Mitteilungen für beide Angebote akzeptiert. Das Unternehmen ist autorisiert, bis zu 3.714.088 Einheiten und 3.647.722 tauschbare Aktien zu erwerben, was 5% der ausgegebenen und im Umlauf befindlichen Wertpapiere entspricht. Die Käufe können am 19. August 2024 beginnen und enden am 18. August 2025, oder früher, wenn sie vorher abgeschlossen werden. Das Unternehmen glaubt, dass dies eine attraktive Verwendung von Mitteln darstellen kann, wenn Wertpapiere unter ihrem Wert gehandelt werden. Die Käufe werden über verschiedene Handelssysteme durchgeführt und unterliegen täglichen Limits sowie der Einhaltung der Wertpapiergesetze. Brookfield hat automatische Rückkaufpläne abgeschlossen, um Käufe während Blockierungszeiten zu ermöglichen.
- Authorization to repurchase up to 5% of issued and outstanding Units and Exchangeable Shares
- Potential to enhance shareholder value through share buybacks when prices are below perceived value
- Implementation of automatic repurchase plans to allow consistent buying, even during blackout periods
- Potential reduction in cash reserves or increase in debt to fund share repurchases
- Possibility of overpaying for shares if market conditions change rapidly
BROOKFIELD, News, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) today announced that the Toronto Stock Exchange (“TSX”) has accepted a notice filed by Brookfield Business Partners L.P. of its intention to renew its normal course issuer bid for its limited partnership units (“Units”) and a notice filed by Brookfield Business Corporation of its intention to renew its normal course issuer bid for its class A exchangeable subordinate voting shares (“Exchangeable Shares”). Brookfield Business Partners believes that the Units or the Exchangeable Shares, respectively, may from time to time trade in a price range that does not fully reflect their value and that, in such circumstances, the acquisition of Units or Exchangeable Shares, as applicable, may represent an attractive use of available funds.
Brookfield Business Partners is authorized to purchase up to 3,714,088 Units and 3,647,722 Exchangeable Shares, representing up to
Purchases under each normal course issuer bid are authorized to commence on August 19, 2024 and will terminate on August 18, 2025, or earlier should Brookfield Business Partners L.P. or Brookfield Business Corporation complete purchases under each respective normal course issuer bid prior to such date.
Under Brookfield Business Partners L.P.’s normal course issuer bid that commenced on August 17, 2023 and will expire on August 16, 2024, Brookfield Business Partners L.P. previously sought and received approval from the TSX to purchase up to 3,730,658 Units. As of August 8, 2024, Brookfield Business Partners and its affiliates purchased a total of 647,754 Units under Brookfield Business Partners L.P.’s previous normal course issuer bid through the facilities of the TSX, the New York Stock Exchange and/or alternative trading systems in Canada and the United States at a weighted average price paid per Unit of US
Under Brookfield Business Corporation’s normal course issuer bid that commenced on August 17, 2023 and will expire on August 16, 2024, Brookfield Business Corporation previously sought and received approval from the TSX to repurchase up to 3,647,745 Exchangeable Shares. No Exchangeable Shares were purchased under Brookfield Business Corporation’s previous normal course issuer bid.
Purchases of Units and Exchangeable Shares will be made through the facilities of the TSX, the New York Stock Exchange and/or alternative trading systems. All Units and Exchangeable Shares purchased by Brookfield Business Partners L.P. and Brookfield Business Corporation under the applicable normal course issuer bids will be cancelled. Purchases will be subject to compliance with applicable United States federal securities laws, including Rule 10b-18 under the United States Securities Exchange Act of 1934, as amended, as well as applicable Canadian securities laws.
Brookfield Business Partners has entered into automatic repurchase plans, which have been pre-cleared by the TSX, to allow for the purchase of Units or Exchangeable Shares, as applicable, subject to certain trading parameters, at times when Brookfield Business Partners would ordinarily not be active in the market due to its own internal trading black-out periods, insider trading rules or otherwise. Outside of these periods, Units and Exchangeable Shares will be purchased in accordance with management’s discretion and in compliance with applicable law. The actual number of Units and Exchangeable Shares purchased under the automatic plans, the timing of such purchases and the price at which Units and Exchangeable Shares are purchased will depend upon future market conditions.
Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership, or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.
Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with approximately
For more information, please contact:
| Media: Marie Fuller Tel: +44 207 408 8375 Email: marie.fuller@brookfield.com | Investors: Alan Fleming Tel: +1 (416) 645-2736 Email: alan.fleming@brookfield.com |
Cautionary Statement Regarding Forward-Looking Statements and Information
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.
Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation and volatility in the financial markets; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our most recently filed Form 20-F.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
FAQ
How many Units and Exchangeable Shares is Brookfield Business Partners authorized to repurchase under the new normal course issuer bids?
When does the new normal course issuer bid for Brookfield Business Partners (BBU) begin and end?
What is the daily purchase limit for Brookfield Business Partners (BBU) Units on the TSX under the new issuer bid?
How many Units did Brookfield Business Partners (BBU) repurchase under its previous normal course issuer bid?
