OAKVILLE, ON, Aug. 4, 2016 /PRNewswire/ - Restaurant Brands
International Inc. (TSX/NYSE: QSR, TSX: QSP) ("RBI") announced
today that its Board of Directors has approved a share repurchase
authorization (the "Repurchase Authorization") pursuant to which
RBI may purchase up to US$300 million
of its common shares over the next 5 years. Repurchases under the
Repurchase Authorization will be made in the open market or through
privately negotiated transactions, in each case in accordance with
applicable securities laws.
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Pursuant to the Repurchase Authorization, RBI has filed, and the
Toronto Stock Exchange (the "TSX") has accepted, notice of RBI's
intention to commence a normal course issuer bid (the "NCIB") for
its common shares ("Common Shares"). The TSX notice provides that
RBI may, during the 12-month period commencing August 8, 2016 and ending on August 7, 2017, purchase up to 18,085,962 Common
Shares, representing approximately 10% of its public float of
180,859,628 Common Shares as of July 25,
2016 (a total of 233,803,436 Common Shares were issued and
outstanding as of such date). Purchases under the NCIB will be made
through the facilities of the TSX, the New York Stock Exchange (the
"NYSE") and/or other exchanges and alternative Canadian or foreign
trading systems, if eligible, or by such other means as may be
permitted by the TSX and/or the NYSE under applicable law.
Purchases under the Repurchase Authorization made on the TSX will
be made in compliance with the rules of the TSX at a price equal to
the market price at the time of purchase or such other price as may
be permitted by the TSX. In accordance with TSX rules, any daily
repurchases (other than pursuant to a block purchase exception) on
the TSX under the NCIB are limited to a maximum of 108,222 Common
Shares, which represents 25% of the average daily trading volume on
the TSX of 432,891 for the six months ended July 31, 2016. Purchases under the Repurchase
Authorization made on the NYSE will be made in compliance with
Securities and Exchange Commission Rule 10b-18 and the U.S. federal
securities laws.
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 the 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.
About Restaurant Brands International Inc.
Restaurant Brands International Inc. ("RBI") is one of the
world's largest quick service restaurant companies with more than
$23 billion in system-wide sales and
over 19,000 restaurants in more than 100 countries and U.S.
territories. RBI owns two of the world's most prominent and iconic
quick service restaurant brands – TIM
HORTONS® and BURGER KING®. These
independently operated brands have been serving their respective
guests, franchisees and communities for over 50 years. To learn
more about RBI, please visit the company's website at
www.rbi.com.
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 belief 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 of RBI 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.
SOURCE Restaurant Brands International Inc.