RICHMOND, Va., Aug. 26, 2020 (GLOBE NEWSWIRE) — 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 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 the $250 million share repurchase authorization announced on February 6, 2020, which had been temporarily suspended due to uncertainties associated with the Covid-19 pandemic.
Doug Pertz, president and chief executive officer, said: “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.”
Under terms of the agreement, Brink’s will pay $50 million to J.P. Morgan and will receive approximately 850,000 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 2, 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, 2020, Brink’s had approximately 51.0 million fully diluted shares outstanding. Brink’s is funding the accelerated share repurchase with available cash.
About The Brink’s Company
The Brink’s Company (NYSE:BCO) is the global leader in total cash management, secure route-based logistics and payment solutions including cash-in-transit, ATM services, cash management services (including vault outsourcing, money processing and intelligent safe services), and international transportation of valuables. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations. Our global network of operations in 49 countries serves customers in more than 100 countries. For more information, please visit our website at www.Brinks.com or call 804-289-9709.