Brink's (BCO) Announces Accelerated $50M Share Buyback

August 5, 2021 8:31 AM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

The Brink’s Company (NYSE: BCO), the global leader in total cash management, route-based secure logistics and payment solutions, today announced that it has entered into an accelerated share repurchase ("ASR") agreement with J.P. Morgan Chase Bank, N.A., to repurchase $50 million of the company’s common stock. Brink’s will execute the ASR under a $250 million share repurchase program authorized by its board of directors on February 6, 2020. Upon completion of this ASR, and including the $50 million ASR that was announced in August 2020, Brink’s will have $150 million remaining under the authorization.

Doug Pertz, president and chief executive officer, said: “This accelerated share repurchase demonstrates our commitment to delivering value to our shareholders and our confidence in the future. Our year-to-date results support this confidence, and we expect continued momentum in the second half. More importantly, we expect accelerated growth in 2022 as we exceed pre-Covid revenue levels and begin to gain traction from our new digital solutions. We look forward to disclosing our next strategic plan, including new financial targets for 2023, at our upcoming Investor Day.” Under terms of the agreement, Brink’s will pay $50 million to J.P. Morgan and will receive approximately 524,315 shares based on market prices, representing approximately 80% of the total shares the company expects to repurchase under the ASR agreement. Brink’s expects to receive additional shares representing the balance of 20% of the remaining shares under the ASR agreement by no later than November 24, 2021, when the ASR transaction is expected to be completed. The final number of shares repurchased will be based on the average of the daily volume-weighted prices of Brink’s common stock during the term of the transaction, less a discount and subject to adjustments related to the terms and conditions of the ASR agreement. As of June 30, 2021, Brink’s had approximately 50.5 million fully diluted shares outstanding.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Stock Buybacks

Related Entities

JPMorgan, Stock Buyback, Earnings