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StreetInsider.com High Tickers, 8/28/2020
August 27, 2020 5:43 AM EDT
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The Brink’s Firm (NYSE: BCO) in the present day introduced that it has entered into an accelerated share repurchase (“ASR”) settlement with J.P. Morgan Chase Bank, N.A, to repurchase $50 million of the corporate’s frequent stock. Brink’s will execute the ASR beneath the $250 million share repurchase authorization introduced on February 6, 2020, which had been briefly suspended on account of uncertainties related to the Covid-19 pandemic.Doug Pertz, president and chief govt officer, mentioned: “The accelerated share repurchase demonstrates our commitment to delivering near-term value to our shareholders and our confidence that Brink’s will emerge from the Covid-19 pandemic stronger than it’s ever been. This confidence is supported by ongoing internal cost reductions, the encouraging revenue recovery that we saw in the second quarter, and the continued execution of our strategy. In addition, the G4S acquisition, which is approximately 80% complete, is performing well and is expected to be fully closed by the end of this year. When the pandemic subsides, we expect to be well-positioned to resume revenue and profit growth, and to drive substantial shareholder value over the long term.” Beneath phrases of the settlement, Brink’s pays $50 million to J.P. Morgan and can obtain roughly 850,000 shares primarily based on market costs, representing roughly 80% of the overall shares the corporate expects to repurchase beneath the ASR settlement. Brink’s expects to obtain further shares representing the steadiness of 20% of the remaining shares beneath the ASR settlement by no later than November 2, when the ASR transaction is anticipated to be accomplished. The ultimate variety of shares repurchased will likely be primarily based on the typical of the day by day volume-weighted costs of Brink’s frequent stock in the course of the time period of the transaction, much less a reduction and topic to changes associated to the phrases and situations of the ASR settlement. As of June 30, 2020, Brink’s had roughly 51.zero million absolutely diluted shares excellent. Brink’s is funding the accelerated share repurchase with obtainable cash.
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