VALCOURT, QC, April 20, 2015 /CNW Telbec/ - BRP Inc. (TSX: DOO) ("BRP" or the "Company") announced today that, in connection with its previously announced normal course issuer bid to purchase for cancellation up to 3,703,442 subordinate voting shares of the Company (the "NCIB"), it 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 the Company 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 Toronto Stock Exchange ("TSX"), applicable securities laws and the terms of the APP. The APP has been pre-cleared by the TSX and will be implemented effective April 23, 2015.
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. The NCIB commenced on March 31, 2015 and will terminate no later than March 30, 2016. All repurchases made under the APP will be included in computing the number of subordinate voting shares purchased under the NCIB. As of April 20, 2015, BRP has not repurchased any subordinate voting shares under the NCIB.
BRP (TSX: DOO) is a global leader in the design, development, manufacturing, distribution and marketing of powersports vehicles and propulsion systems. Its portfolio includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am all-terrain and side-by-side vehicles, Can-Am Spyder roadsters, Evinrude and Rotax marine propulsion systems as well as Rotax engines for karts, motorcycles and recreational aircraft. BRP supports its line of products with a dedicated parts, accessories and clothing business. With annual sales of over CA$3.5 billion from 107 countries, the Company employs approximately 7,600 people worldwide.
Ski-Doo, Lynx, Sea-Doo, Evinrude, Rotax, Can-Am, Spyder and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.