Restaurant Brands International Inc. Announces Renewal of Normal Course Issuer Bid
TORONTO, Aug. 6, 2020 /PRNewswire/ - Restaurant Brands International Inc. (TSX: QSR) (NYSE: QSR) ("RBI") announced today that it has filed, and the Toronto Stock Exchange (the "TSX") has accepted, notice of RBI's intention to renew its normal course issuer bid (the "NCIB") for its common shares (the "Common Shares"). The NCIB is being conducted in furtherance of RBI's current share repurchase authorization by the Board of Directors of RBI in August 2016, pursuant to which RBI may purchase up to US
The TSX notice provides that RBI may, during the 12-month period commencing August 8, 2020 and ending on August 7, 2021, purchase up to 30,000,015 Common Shares, representing
Under its prior NCIB that commenced on August 8, 2019 and which expires on August 7, 2020, RBI previously sought and received approval from the TSX to repurchase up to 24,853,565 Common Shares. While RBI has not repurchased any Common Shares for cancellation under its Repurchase Authorization in the past 12 months, the plan agent under RBI's employee stock purchase plan purchased an aggregate of 4,178 Common Shares in the past 12 months for the benefit of plan participants at an average price of approximately C
RBI believes that the market price of Common Shares could be such that their purchase may be an attractive and appropriate use of corporate funds. Decisions regarding the amount and timing of future purchases of Common Shares will be based on market conditions, share price and other factors. RBI may elect to modify, suspend or discontinue the Repurchase Authorization, and its NCIB, at any time. Repurchases under the Repurchase Authorization will be funded using RBI's cash resources and all shares repurchased will be cancelled. RBI intends to enter into an automatic purchase plan to be effective on August 8, 2020 with a broker which will enable RBI to provide standard instructions in the future and then purchase Common Shares on the open market during self-imposed blackout periods. Outside of these blackout periods, Common Shares may be purchased in accordance with management's discretion.
About Restaurant Brands International
Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with approximately
Forward-Looking Statements
This press release includes forward-looking statements and information, which reflect management's current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. These forward-looking statements include statements about RBI's expectations and beliefs regarding its normal course issuer bid purchases. The factors that could cause actual results to differ materially from RBI's expectations are detailed in filings with the Securities and Exchange Commission and applicable Canadian securities regulatory authorities, such as its annual and quarterly reports and current reports on Form 8-K, and include the following: risks related to RBI's ability to successfully implement its domestic and international growth strategy; and risks related to RBI's ability to compete domestically and internationally in an intensely competitive industry. Other than as required under US federal securities laws or Canadian securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, change in expectations or otherwise.
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SOURCE Restaurant Brands International Inc.