Brookfield Asset Management Announces Renewal of Normal Course Issuer Bid
18 Maio 2018 - 7:55AM
Brookfield Asset Management Inc. (NYSE:BAM)
(TSX:BAM.A) (EURONEXT:BAMA)
(“Brookfield”) today
announced it has received approval from the Toronto Stock Exchange
(“TSX”) for the renewal of its normal course issuer bid to purchase
up to 82,315,909 Class A Limited Voting Shares (“Class A Shares”),
representing 10% of the public float of Brookfield’s outstanding
Class A Shares. Purchases under the bid will be made through the
facilities of the TSX, the New York Stock Exchange (“NYSE”) and any
alternative Canadian trading system. The period of the normal
course issuer bid will extend from May 24, 2018 to May 23, 2019, or
an earlier date should Brookfield complete its purchases.
Brookfield will pay the market price at the time of acquisition for
any Class A Shares purchased.
As at May 1, 2018, the number of Class A Shares
issued and outstanding totalled 991,857,711, of which 823,159,095
shares represented the public float. In accordance with the rules
of the TSX, the maximum daily purchase on the TSX under this bid
will be 243,569 Class A Shares, which is 25% of 974,277 (the
average daily trading volume for Class A Shares on the TSX for the
six months ended April 30, 2018).
Of the 82,965,721 Class A Shares approved for
purchase under Brookfield’s prior normal course issuer bid that
commenced on May 24, 2017 and will expire on May 23, 2018,
Brookfield purchased 2,041,064 Class A Shares through open market
purchases on the TSX and 4,082,000 Class A Shares through open
market purchases on the NYSE. The weighted average price that
Brookfield paid per Class A Share acquired under this bid was
US$40.57.
Brookfield is renewing its normal course issuer
bid because it believes that, from time to time, the market price
of its Class A Shares may not fully reflect the underlying value of
its business and its future business prospects. Brookfield believes
that, in such circumstances, the outstanding Class A Shares
represent an attractive investment for Brookfield, since a portion
of its excess cash generated on an annual basis can be invested for
an attractive risk adjusted return through the issuer bid. All
Class A Shares acquired by Brookfield under this bid will be
cancelled and/or purchased by a non-independent trustee pursuant to
the terms of Brookfield’s Escrowed Stock Plan.
Brookfield will enter into an automatic purchase
plan on or about the week of June 25, 2018 in relation to the
normal course issuer bid. The automatic purchase plan will allow
for the purchase of Class A Shares, subject to certain trading
parameters, at times when Brookfield 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, Class
A Shares will be repurchased in accordance with management’s
discretion and in compliance with applicable law.
Brookfield Asset
ManagementBrookfield Asset Management Inc. is a leading
global alternative asset manager with approximately US$285 billion
in assets under management. The Company has more than a 100-year
history of owning and operating assets with a focus on property,
renewable power, infrastructure and private equity. Brookfield
offers a range of public and private investment products and
services, and is co-listed on the New York, Toronto and Euronext
stock exchanges under the symbol BAM, BAM.A and BAMA,
respectively.
For more information, please visit our website
at www.brookfield.com or contact:
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Claire Holland Communications & Media Tel: (416) 369-8236
Email: claire.holland@brookfield.com |
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Linda
Northwood Investor Relations Tel: (416) 359-8647 Email:
linda.northwood@brookfield.com |
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Forward-Looking Statements
Note: This news release contains
"forward-looking information" within the meaning of Canadian
provincial securities laws and "forward-looking statements" within
the meaning of Section 27A of the U.S. Securities Act of 1933, as
amended, Section 21E of the U.S. Securities Exchange Act of 1934,
as amended, "safe harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995 and in any applicable
Canadian securities regulations. The words “proposed”, “believe”,
conditional verbs such as "will", “may” and derivations thereof and
other expressions that are predictions of or indicate future
events, trends or prospects and which do not relate to historical
matters identify forward-looking statements. Forward-looking
information in this news release includes statements with regards
to potential future purchases by Brookfield of its Class A Shares
pursuant to the company’s normal course issuer bid and automatic
purchase plan. Although Brookfield believes that the anticipated
future results or achievements expressed or implied by the
forward-looking statements and information is based upon reasonable
assumptions and expectations, the reader should not place undue
reliance on forward-looking statements and information because they
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the company to differ materially from anticipated future results,
performance or achievement expressed or implied by such
forward-looking statements and information. Factors that could
cause actual results to differ materially from those contemplated
or implied by forward-looking statements include: general economic
conditions; interest rate changes; availability of equity and debt
financing; the performance of the Class A Shares or the stock
exchanges generally; and other risks and factors described from
time to time in the documents filed by the company with the
securities regulators in Canada and the United States including in
Management’s Discussion and Analysis under the heading “Business
Environment and Risks”. The company undertakes no obligation to
publicly update or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise.
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