TSX approves BRP’s renewal of its NCIB

BRP announces that the Toronto Stock Exchange, or TSX, has approved the renewal of its normal course issuer bid, or NCIB, to purchase for cancellation up to 3,519,398 subordinate voting shares over the twelve-month period commencing on December 5 and ending no later than December 4, 2023, representing approximately 10% of the public float of 35,193,988 subordinate voting shares as at November 28, 2022. As at November 28, 36,361,267 subordinate voting shares were issued and outstanding. Under TSX rules, BRP will be allowed to purchase daily, through the facilities of the TSX, a maximum of 51,425 subordinate voting shares representing 25% of the average daily trading volume of 205,703, as calculated per the TSX rules for the most recently completed six calendar months. In addition, BRP may make, once per week, a block purchase of subordinate voting shares not directly or indirectly owned by insiders of BRP, in accordance with TSX rules. The subordinate voting shares purchased pursuant to the NCIB will be cancelled. The price to be paid by BRP for any subordinate voting share will be the market price at the time of acquisition, plus brokerage fees. In connection with this NCIB, BRP has entered into an automatic share purchase plan with a designated broker 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. Under the NCIB that will expire on December 3, 2022, as of November 30, 2022, BRP purchased 989,150 subordinate voting shares at a volume weighted average price of $101.10. The Board of Directors of BRP believes that the purchase by BRP of its subordinate voting shares could represent an appropriate and desirable use of its available cash to increase shareholder value.