In connection with its previously announced plan to purchase for cancellation up to 3,703,442 subordinate voting shares, Valcourt, Québec-based BRP entered into an automatic share purchase plan with a designated broker.
The automatic share purchase plan has been pre-cleared by theToronto Stock Exchange (TSX) and will be implemented effective April 23, 2015.
Outside of pre-determined blackout periods, subordinate voting shares will be purchased under the normal course issuer bid based on management's discretion, which commenced on March 31, 2015 and will terminate no later than March 30, 2016.
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, 2015, BRP has not repurchased any subordinate voting shares under the normal course issuer bid.
BRP's portfolio includes Sea-Doo watercraft, Evinrude and Rotax marine propulsion systems, Ski-Doo and Lynx snowmobiles, Can-Am all-terrain and side-by-side vehicles, Can-Am Spyder roadsters as well as Rotax engines for karts, motorcycles and recreational aircraft. With annual sales of over $3.5 billion from 107 countries, the company employs approximately 7,600 people worldwide.