BRP ANNOUNCES COMPLETION OF SUBSTANTIAL ISSUER BID
BRP Inc. (TSX: DOO) (NASDAQ: DOOO) has successfully completed its substantial issuer bid (SIB), purchasing 2,427,184 subordinate voting shares at $103.00 each, totaling approximately $250 million. This represents about 3% of the total shares outstanding as of May 10, 2022. The SIB was oversubscribed, leading to approximately 91% of the successfully tendered shares being purchased. The payment for the shares will be settled by Computershare on or about May 16, 2022. A deemed dividend of $97.65 per share was also triggered, qualifying as an eligible dividend under Canadian tax law.
- Completed SIB purchasing 2,427,184 shares for $250 million.
- Share repurchase represents approximately 3% of total shares.
- Oversubscription led to approximately 91% successful tenders.
- Deemed dividend of $97.65 per share qualifies as eligible.
- None.
VALCOURT, QC, May 11, 2022 /PRNewswire/ - BRP Inc. (TSX: DOO) (NASDAQ: DOOO) today announced that it has taken up and paid for 2,427,184 subordinate voting shares ("Shares") at a price of
The Shares purchased represent an aggregate purchase price of approximately
A total of 2,652,202 Shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders. Since the SIB was oversubscribed, shareholders who made auction tenders at or below the purchase price or purchase price tenders had approximately
Any Shares or multiple voting shares not purchased, including such Shares not purchased as a result of proration or Shares tendered pursuant to auction tenders at prices higher than the purchase price or invalidly tendered will be returned to shareholders as soon as practicable by the depositary.
Payment and settlement of the purchased Shares will be effected by Computershare Investor Services Inc. on or about May 16, 2022 in accordance with the SIB and applicable law.
Pursuant to the SIB, a deemed dividend in the amount of
The full details of the SIB are described in the offer to purchase and issuer bid circular dated March 31, 2022, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell BRP's shares.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain information included in this release, including, but not limited to, statements relating to the SIB, the timing of payment and settlement for Shares purchased under the SIB and the number of Shares and multiple voting shares expected to be issued and outstanding after completion of the SIB, and other statements that are not historical facts, are "forward-looking statements" within the meaning of Canadian and United States 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 cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although 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 BRP 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 the offer to purchase and in BRP's annual information form dated March 24, 2022.
We are a global leader in the world of powersports vehicles, propulsion systems and boats built on 80 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, Quintrex boats and Rotax marine propulsion systems as well as Rotax engines for karts and recreational aircraft. We complete our lines of products with a dedicated parts, accessories, and apparel business to fully enhance the riding experience. With annual sales of CA
Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Alumacraft, Manitou, Quintrex, Stacer, Savage, and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners
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SOURCE BRP Inc.
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