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OAKVILLE, ON, Aug. 2, 2018 /CNW/ - Restaurant Brands International Inc. (TSX/NYSE: QSR) ("RBI") announced today that it has filed, and the Toronto Stock Exchange (the "TSX") has accepted, notice of RBI's intention to renew its normal course issuer bid (the "NCIB") for its common shares (the "Common Shares").  The NCIB is being conducted in furtherance of RBI's current share repurchase authorization by the Board of Directors of RBI in August 2016, pursuant to which RBI may purchase up to US$300 million of its Common Shares over the next three years (the "Repurchase Authorization").

The TSX notice provides that RBI may, during the 12-month period commencing August 8, 2018 and ending on August 7, 2019, purchase up to 24,087,172 Common Shares, representing 10% of its public float of 240,871,724 Common Shares as of July 31, 2018 (a total of 250,018,442 Common Shares were issued and outstanding as of such date).  Purchases under the NCIB will be made through the facilities of the TSX, the New York Stock Exchange (the "NYSE") and/or alternative Canadian or foreign trading systems, if eligible, or by such other means as may be permitted by applicable securities laws, including private agreements.  Any purchases made by private agreement under an issuer bid exemption order issued by a securities regulatory authority in Canada will be at a discount to the prevailing market price as provided in any such exemption order.  Purchases under the NCIB made on the TSX will be made in compliance with the rules of the TSX at a price equal to the market price at the time of purchase or such other price as may be permitted by the TSX.  In accordance with TSX rules, any daily repurchases (other than pursuant to a block purchase exception) on the TSX under the NCIB are limited to a maximum of 134,605 Common Shares, which represents 25% of the average daily trading volume on the TSX of 538,418 for the six months ended July 31, 2018.  Purchases under the NCIB made on the NYSE will be made in compliance with Securities and Exchange Commission Rule 10b-18 and the U.S. federal securities laws.

Under its prior NCIB that commenced on August 8, 2017 and which expires on August 7, 2018, RBI previously sought and received approval from the TSX to repurchase up to 19,215,980 Common Shares.  While RBI has not repurchased any Common Shares for cancellation under its Repurchase Authorization in the past 12 months, the plan agent under RBI's employee stock purchase plan purchased an aggregate of 4,743 Common Shares in the past 12 months for the benefit of plan participants at an average price of C$77.25 per Common Share.

RBI believes that the market price of Common Shares could be such that their purchase may be an attractive and appropriate use of corporate funds.  Decisions regarding the amount and timing of future purchases of Common Shares will be based on market conditions, share price and other factors.  RBI may elect to modify, suspend or discontinue the Repurchase Authorization, and its NCIB, at any time.  Repurchases under the Repurchase Authorization will be funded using RBI's cash resources and all shares repurchased will be cancelled.  RBI intends to enter into an automatic purchase plan with a broker which will enable RBI to provide standard instructions and purchase Common Shares on the open market during self-imposed blackout periods.  Outside of these blackout periods, Common Shares may be purchased in accordance with management's discretion.