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BRP ANNOUNCES COMPLETION OF SUBSTANTIAL ISSUER BID
BRP ANNOUNCES COMPLETION OF SUBSTANTIAL ISSUER BID Canada NewsWire ...
About this update from Brp, Inc.
[{"type":"text","content":"\n \n \n \n BRP ANNOUNCES COMPLETION OF SUBSTANTIAL ISSUER BID\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VALCOURT, QC\n \n \n ,\n \n \n May 11, 2022\n \n \n /CNW/ - 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\n \n $103\n \n .00 per Share under BRP's substantial issuer bid (\"SIB\") to purchase for cancellation a number of its Shares for an aggregate purchase price not to exceed\n \n $250 million\n \n . All dollar amounts are in Canadian dollars.\n \n \n \n \n \n \n \n \n \n The Shares purchased represent an aggregate purchase price of approximately\n \n $250 million\n \n and approximately 3% of the total number of BRP's issued and outstanding Shares and multiple voting shares as of\n \n May 10, 2022\n \n . After giving effect to the SIB, BRP will have 36,300,431 Shares and 42,384,200 multiple voting shares issued and outstanding.\n \n \n A total of 2,652,202 Shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders.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 91% of their successfully tendered Shares purchased by BRP (other than \"odd lot\" tenders, which were not subject to proration).\n \n \n 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.\n \n \n Payment and settlement of the purchased Shares will be effected by Computershare Investor Services Inc. on or about\n \n May 16, 2022\n \n in accordance with the SIB and applicable law.\n \n \n Pursuant to the SIB, a deemed dividend in the amount of\n \n $97.65\n \n per Share was triggered on the repurchase of each Share. The totality of the divi...