Valcourt, Québec, April 20, 2018 – BRP Inc. (TSX: DOO) announced today that, in connection with its previously announced normal course issuer bid to purchase for cancellation up to 3,625,271 subordinate voting shares of BRP (the “NCIB”), it entered into an automatic share purchase plan (the “APP”) with a designated broker. This is intended to allow for the purchase of subordinate voting shares under the NCIB at times when BRP 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, 2018.
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 April 2, 2018 and will terminate no later than April 1, 2019. 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, 2018, BRP has repurchased 597,900 subordinate voting shares under the renewal of the NCIB.
We are a global leader in the world of powersports vehicles and propulsion systems built on over 75 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, Evinrude and Rotax marine propulsion systems as well as Rotax engines for karts, motorcycles and recreational aircraft. We support our lines of product with a dedicated parts, accessories and clothing business to fully enhance your riding experience. With annual sales of CA$4.5 billion from over 100 countries, our global workforce is made up of over 10,000 driven, resourceful people.
Ski-Doo, Lynx, Sea-Doo, Evinrude, Rotax, Can-Am and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements included in this release, including, but not limited to, statements relating to potential purchases of subordinate voting shares by BRP under the normal course issuer bid, and other statements that are not historical facts, may be “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”, “could”, “expects”, “plans”, “intends”, “anticipates” or “believes” or the negative or other variations of these words or other comparable words or phrases. Forward-looking statements, by their nature, are based on assumptions, and are subject to important risks and uncertainties. Forward-looking statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including those identified in BRP’s annual information form and management’s discussion and analysis of financial condition and results of operations. The forward-looking statements contained in this release represent BRP's expectations as of the date of this release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, BRP disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.