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|BRP Announces Preliminary Results of Substantial Issuer Bid|
Based on the preliminary count by
The full details of the SIB are described in the offer to purchase and issuer bid circular dated
2,442,364 shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders.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 and purchase price tenders will have the number of shares purchased prorated following the determination of the final results of the SIB. BRP currently expects that shareholders who made auction tenders at or below the purchase price and purchase price tenders will have approximately 98.2% of their tendered shares purchased by BRP. BRP expects to take up and purchase 6,202,074 shares pursuant to proportionate tenders.
Holders of multiple voting shares were entitled to participate in the SIB. Multiple voting shares taken up by BRP will be converted into shares on a one-for-one basis immediately prior to take up.
After giving effect to the SIB, BRP expects to have 30,378,809 shares and 72,952,052 multiple voting shares issued and outstanding.
The number of shares to be purchased, the proration factor and the purchase price under the SIB are preliminary. Final results will be determined subject to confirmation by the depositary of the proper delivery of the shares validly tendered and not withdrawn. Upon take up and payment of the shares purchased, BRP will release the final results, including the final proration factor.
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.
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 off-road and Spyder vehicles, 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 CA$4.2 billion from over 100 countries, BRP employs approximately 8,700 people worldwide.
Ski-Doo, Lynx, Sea-Doo, Evinrude, Rotax, Can-Am, Spyder and the BRP logo are trademarks of
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain information included in this release, including, but not limited to, statements relating to the SIB, the actual number of shares to be taken up and paid for in connection with the SIB, the proration factor and the number of shares and multiple voting shares 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 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 or the powersports industry 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
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