Brookfield Asset Management Announces Renewal of Normal Course Issuer Bid for Preferred Shares
15 Agosto 2018 - 5:30PM
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 its proposed normal course issuer bid
to purchase up to 10% of the public float of each series of the
company’s outstanding Class A Preference Shares that are listed on
the TSX (the “
Preferred Shares”). Purchases under
the bid will be made through the facilities of the TSX. The period
of the normal course issuer bid will extend from August
20
, 2018 to August 19, 2019, or an earlier date
should Brookfield complete its purchases. Brookfield will pay the
market price at the time of acquisition for any Preferred Shares
purchased. All Preferred Shares acquired by Brookfield under this
bid will be cancelled.
Under the normal course issuer bid, Brookfield
is authorized to repurchase each respective series of the Preferred
Shares as follows:
Series |
Ticker |
Issued andoutstandingshares1 |
Public float1 |
Average dailytradingvolume2 |
Maximum number ofshares subject
topurchase3 |
|
|
|
|
|
Total |
Daily |
Series 2 |
BAM.PR.B |
10,465,100 |
10,227,590 |
5,935 |
1,022,759 |
1,483 |
Series 4 |
BAM.PR.C |
4,000,000 |
3,988,000 |
3,273 |
398,800 |
818 |
Series 8 |
BAM.PR.E |
2,479,585 |
2,478,585 |
760 |
247,858 |
1,000 |
Series 9 |
BAM.PR.G |
5,519,115 |
2,026,015 |
4,268 |
202,601 |
1,067 |
Series 13 |
BAM.PR.K |
9,647,700 |
8,800,200 |
7,604 |
880,020 |
1,901 |
Series 17 |
BAM.PR.M |
7,950,756 |
7,950,756 |
4,928 |
795,075 |
1,232 |
Series 18 |
BAM.PR.N |
7,966,158 |
7,780,497 |
4,430 |
778,049 |
1,107 |
Series 24 |
BAM.PR.R |
9,394,250 |
9,394,250 |
5,432 |
939,425 |
1,358 |
Series 25 |
BAM.PR.S |
1,533,133 |
1,533,133 |
988 |
153,313 |
1,000 |
Series 26 |
BAM.PR.T |
9,903,348 |
9,903,348 |
6,339 |
990,334 |
1,584 |
Series 28 |
BAM.PR.X |
9,359,387 |
9,359,387 |
6,840 |
935,938 |
1,710 |
Series 30 |
BAM.PR.Z |
9,934,050 |
9,934,050 |
8,737 |
993,405 |
2,184 |
Series 32 |
BAM.PF.A |
11,982,568 |
11,982,568 |
12,956 |
1,198,256 |
3,239 |
Series 34 |
BAM.PF.B |
9,977,889 |
9,977,889 |
5,086 |
997,788 |
1,271 |
Series 36 |
BAM.PF.C |
7,949,024 |
7,949,024 |
4,798 |
794,902 |
1,199 |
Series 37 |
BAM.PF.D |
7,949,083 |
7,949,083 |
6,577 |
794,908 |
1,644 |
Series 38 |
BAM.PF.E |
8,000,000 |
8,000,000 |
4,528 |
800,000 |
1,132 |
Series 40 |
BAM.PF.F |
12,000,000 |
12,000,000 |
8,340 |
1,200,000 |
2,085 |
Series 42 |
BAM.PF.G |
12,000,000 |
12,000,000 |
5,600 |
1,200,000 |
1,400 |
Series 44 |
BAM.PF.H |
9,945,189 |
9,945,189 |
6,984 |
994,518 |
1,746 |
Series 46 |
BAM.PF.I |
11,895,790 |
11,895,790 |
8,735 |
1,189,579 |
2,183 |
Series 48 |
BAM.PF.J |
12,000,000 |
12,000,000 |
12,493 |
1,200,000 |
3,123 |
- Calculated as at July 31, 2018.
- Calculated for the six months prior to July 31, 2018.
- In accordance with TSX rules, any daily repurchases with
respect to: (i) the Series 8, Series 9 and Series 25 Preferred
Shares would be limited to 1,000 shares of the respective series
and (ii) each of the other series of Preferred Shares (excluding
the Series 8 and Series 25 Preferred Shares) would be limited to
25% of the average daily trading volume on the TSX of the
respective series.
Under its current normal course issuer bid
that commenced on August 18, 2017 and expired on August 17,
2018, under which Company sought and received approval
from the TSX, Brookfield purchased 34,986
Series 28 Preferred Shares, 2,587 Series 30 Preferred Shares,
30,625 Series 44 Preferred Shares and 104,210 Series 46 Preferred
Shares at weighted average prices of C$17.59, C$24.50, C$26.31 and
C$26.14 per Preferred Share, respectively. No other Preferred
Shares were purchased by Brookfield under the normal course issuer
bid.
Brookfield is renewing its normal course issuer
bid because it believes that, from time to time, the Preferred
Shares may trade in price ranges that do not fully reflect their
value. Brookfield believes that, in such circumstances, acquiring
the Preferred Shares represents an attractive and desirable use of
its available funds.
Brookfield will enter into an automatic purchase
plan on or about the week of September 24, 2018 in relation to the
normal course issuer bid. The automatic purchase plan will allow
for the purchase of Preferred 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,
Preferred Shares will be repurchased in accordance with
management’s discretion and in compliance with applicable law.
Brookfield Asset Management
Inc. is a leading global alternative asset manager with
over $285 billion in assets under management. The company has
more than a 115-year history of owning and operating assets with a
focus on real estate, 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:
Claire Holland Communications & Media Tel: (416) 369-8236
Email: claire.holland@brookfield.com |
|
Linda
Northwood Investor Relations Tel: (416) 359-8647 Email:
linda.northwood@brookfield.com |
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 Preferred 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 Preferred 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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