Restaurant Brands International Inc. plans to renew its normal course issuer bid for common shares, which is set to expire Aug. 7.
The owner of Tim Hortons, Burger King and Popeyes restaurants said the normal course issuer bid is a continuation of the board's share repurchase authorization from August 2016, which allows the company to buy back up to US$300 million of its common shares over the next two years.
The renewal notice filed to and accepted by the Toronto Stock Exchange covers a 12-month period starting Aug. 8 and ending Aug. 7, 2020. During this time, Restaurant Brands may purchase up to 24,853,565 common shares, representing 10% of the company's public float of 248,535,656 common shares as of July 25.
Restaurant Brands said it will use its cash resources to carry out the repurchase program, and that all repurchased shares will be canceled.
Under its expiring normal course issuer bid, the Canadian restaurant operator had received approval to buy back up to 24,087,172 common shares over 12 months, but it did not repurchase any shares for cancellation during that period.