Brookfield Business Partners L.P. (NYSE: BBU) (TSX: BBU.UN)
(“Brookfield Business Partners”) today announced that the Toronto
Stock Exchange (the “TSX”) has accepted a notice filed by
Brookfield Business Partners of its intention to renew its normal
course issuer bid for its limited partnership units (the “units”).
Brookfield Business Partners believes that in the event the units
trade in a price range that does not fully reflect their value, the
acquisition of units may represent an attractive use of available
funds.
Under the normal course issuer bid, the Board of
Directors of the general partner of Brookfield Business Partners
authorized the partnership to repurchase up to 5% of the total
issued and outstanding units, or 4,016,508 units. At the close of
business on August 10, 2020, there were 80,330,164 units issued and
outstanding. Under the normal course issuer bid, Brookfield
Business Partners may purchase up to 20,432 units on the TSX during
any trading day, which represents 25% of the average daily trading
volume of 81,728 units on the TSX for the period February 1, 2020
to July 31, 2020. Repurchases are authorized to commence on
August 17, 2020 and will terminate on August 16, 2021, or earlier
should Brookfield Business Partners complete its repurchases prior
to such date.
In the preceding twelve-month period, Brookfield
Business Partners was authorized to acquire up to 4,050,188
units and repurchased 684,129 units at a weighted average
price of US$26.01 per unit through the facilities of the TSX and
the New York Stock Exchange, and through the facilities of
designated exchanges and alternative trading systems in Canada and
the United States.
All purchases under the renewed normal course
issuer bid will be made through the facilities of the TSX and the
New York Stock Exchange, and through the facilities of designated
exchanges and alternative trading systems in Canada and the United
States, and all units acquired under the normal course issuer bid
will be cancelled. Repurchases will be subject to compliance with
applicable United States federal securities laws, including Rule
10b‑18 under the United States Securities Exchange Act of 1934, as
amended, as well as applicable Canadian securities laws.
Brookfield Business Partners will enter into an
automatic purchase plan on or about the week of September 28, 2020
in relation to the normal course issuer bid. The automatic purchase
plan will allow for the purchase of units, subject to certain
trading parameters, at times when Brookfield Business Partners
ordinarily would not be active in the market due to its own
internal trading black-out period, insider trading rules or
otherwise. Outside of these periods, units will be repurchased in
accordance with management’s discretion and in compliance with
applicable law.
Brookfield Business Partners is
the flagship listed business services and industrials company of
Brookfield Asset Management, a leading global alternative asset
manager with over $525 billion of assets under management. More
information is available at www.brookfield.com.
Brookfield Business Partners is listed on the
New York and Toronto stock exchanges. For more information, please
visit our website at https://bbu.brookfield.com.
For more information, please visit our
website at https://bbu.brookfield.com or
contact:
Media:Claire Holland Tel: (416) 369-8236Email:
claire.holland@brookfield.com |
Investors:Alan Fleming Tel: (416) 645-2736Email:
alan.fleming@brookfield.com |
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS AND INFORMATION
Note: This news release contains
“forward-looking information” within the meaning of Canadian
provincial securities laws and “forward-looking statements” within
the meaning of Section 27A of the U.S. Securities Act of 1933, as
amended, Section 21E of the U.S. Securities Exchange Act of 1934,
as amended, “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995 and in any applicable
Canadian securities regulations. Forward-looking statements include
statements that are predictive in nature, depend upon or refer to
future events or conditions, include statements regarding the
operations, business, financial condition, expected financial
results, performance, prospects, opportunities, priorities,
targets, goals, ongoing objectives, strategies and outlook of
Brookfield Business Partners, as well as the outlook for North
American and international economies for the current fiscal year
and subsequent periods, and include words such as “believes,” or
negative versions thereof and other similar expressions, or future
or conditional verbs such as “may,” and “will.”
Although we believe that our anticipated future
results, performance or achievements expressed or implied by the
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and
other factors, many of which are beyond our control, which may
cause the actual results, performance or achievements of Brookfield
Business Partners to differ materially from anticipated future
results, performance or achievement expressed or implied by such
forward-looking statements and information.
Factors that could cause actual results to
differ materially from those contemplated or implied by
forward-looking statements include, but are not limited to: the
impact or unanticipated impact of general economic, political and
market factors in the countries in which we do business; including
as a result of the recent novel coronavirus outbreak (“COVID-19”);
the behavior of financial markets, including fluctuations in
interest and foreign exchange rates; global equity and capital
markets and the availability of equity and debt financing and
refinancing within these markets; strategic actions including
dispositions; the ability to complete and effectively integrate
acquisitions into existing operations and the ability to attain
expected benefits; changes in accounting policies and methods used
to report financial condition (including uncertainties associated
with critical accounting assumptions and estimates); the ability to
appropriately manage human capital; the effect of applying future
accounting changes; business competition; operational and
reputational risks; technological change; changes in government
regulation and legislation within the countries in which we
operate; governmental investigations; litigation; changes in tax
laws; ability to collect amounts owed; catastrophic events, such as
earthquakes; hurricanes and pandemics/epidemics; the possible
impact of international conflicts and other developments including
terrorist acts and cyber terrorism; and other risks and factors
detailed from time to time in our documents filed with the
securities regulators in Canada and the United States.
In addition, our future results may be impacted
by the economic shutdown resulting from the COVID-19 pandemic and
the related global reduction in commerce and travel and substantial
volatility in stock markets worldwide, which may negatively impact
our revenues, affect our ability to identify and complete future
transactions, impact our liquidity position and result in a
decrease of cash flows and impairment losses and/or revaluations on
our investments and assets, and therefore we may be unable to
achieve our expected returns. See “Risks Associated with the
COVID-19 Pandemic” in the “Risks and Uncertainties” section
included in our Management’s Discussion and Analysis of Financial
Condition and Results of Operations for the second quarter ended
June 30, 2020.
We caution that the foregoing list of important
factors that may affect future results is not exhaustive. When
relying on our forward-looking statements, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. Except as required by law,
Brookfield Business Partners undertakes no obligation to publicly
update or revise any forward-looking statements or information,
whether written or oral, that may be as a result of new
information, future events or otherwise.
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