Restaurant Brands International Inc. Announces Adoption of Share Repurchase Authorization
TORONTO, Aug. 31, 2023 /CNW/ - Restaurant Brands International Inc. ("RBI") (TSX: QSR) (NYSE: QSR) 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$1.0 billion of its common shares over the next 2 years through September 30, 2025. This approval follows the expiration of RBI's prior 2 year authorization to repurchase up to the same US$1 billion amount of its common shares.
Pursuant to the Repurchase Authorization, and subject to the approval of the Toronto Stock Exchange ("TSX"), RBI intends to commence a normal course issuer bid ("NCIB") permitting the purchase for cancellation of common shares of up to 10% of its public float.
Under its last NCIB which commenced on August 17, 2022 and expired on August 16, 2023 (the "2022 NCIB"), RBI previously sought and received approval from the TSX to repurchase up to 30,254,374 common shares (which represented 10% of its public float as of August 17, 2022). Despite this approval, RBI did not repurchase any common shares under the 2022 NCIB.
Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with over $40 billion in annual system-wide sales and over 30,000 restaurants in more than 100 countries. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.
This press release includes forward-looking statements and information, which are often identified by the words "may," "might," "believe," "thinks," "anticipate," "plans," "expects," "intends," or similar expressions and reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements include statements about RBI's expectations and beliefs regarding its normal course issuer bid purchases and approval of the TSX of the NCIB. The factors that could cause actual results to differ materially from RBI's expectations are detailed in filings with the U.S. Securities and Exchange Commission and on SEDAR+ in Canada, such as its annual and quarterly reports and current reports on Form 8-K, and include the following: risks related to RBI's substantial indebtedness, risks related to adverse economic and industry conditions and risks related to unforeseen events, such as adverse weather conditions, natural disasters, terrorist attacks or threats, pandemics, including coronavirus (COVID-19), the war in Ukraine or other catastrophic events, all of which could adversely affect its financial condition and prevent it from fulfilling its obligations. Other than as required under U.S. federal securities laws or Canadian securities laws, RBI undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE Restaurant Brands International Inc.
Investors: [email protected]; Media: [email protected]
Share this article