World News: 21:15 GMT Friday 10th August 2018. [Brookfield Business Partners via Globe Newswire via SPi World News]
BROOKFIELD, NEWS, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Brookfield Business Partners L.P. (“Brookfield Business Partners”) (NYSE: BBU; TSX: BBU.UN) 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 10% of the total public float, or 3,371,900 units. At the close of business on August 9, 2018, there were 66,185,798 units issued and outstanding and the total public float of units was 33,719,003. Under the normal course issuer bid, Brookfield Business Partners may purchase up to 17,901 units on the TSX during any trading day, which represents 25% of the average daily trading volume of 71,606 units on the TSX for the period February 1, 2018 to July 31, 2018. Repurchases are authorized to commence on August 15, 2018 and will terminate on August 14, 2019, 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 2,592,264 units but Brookfield Business Partners did not repurchase any units through the facilities of the TSX or the New York Stock Exchange.
All purchases will be made through the facilities of the TSX or the New York Stock Exchange, 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 24, 2018 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 Inc. (NYSE: BAM)(TSX: BAM.A)(EURONEXT: BAMA), a leading global alternative asset manager with over $285 billion of assets under management.
Globe Newswire: 21:15 GMT Friday 10th August 2018
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