Brookfield Asset Management Announces Renewal of Normal Course Issuer Bid
21 Maio 2020 - 7:55AM
Brookfield Asset Management Inc. (NYSE: BAM) (TSX:
BAM.A) 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 132,829,848 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/or alternative trading systems. The period
of the normal course issuer bid will extend from May 25, 2020 to
May 24, 2021, 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 or such other price as
may be permitted.
As at May 19, 2020, the number of Class A Shares
issued and outstanding totalled 1,572,865,053, of which
1,328,298,481 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 604,592 Class A Shares, which is 25% of
2,418,369 (the average daily trading volume for Class A Shares on
the TSX for the six months ended April 30, 2020).
Of the 123,795,660 Class A Shares approved for
purchase under Brookfield’s prior normal course issuer bid that
commenced on May 24, 2019 and will expire on May 23, 2020,
Brookfield purchased 3,784,504 Class A Shares through open market
purchases on the TSX and 8,053,677 Class A Shares through open
market purchases on the NYSE as of May 19, 2020. The weighted
average price that Brookfield paid per Class A Share acquired under
this bid was US$35.99. 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 22, 2020 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 Management
Inc.Brookfield Asset Management Inc. is a leading global
alternative asset manager with over US$515 billion of assets under
management across real estate, infrastructure, renewable power,
private equity and credit. Brookfield owns and operates long-life
assets and businesses, many of which form the backbone of the
global economy. Utilizing its global reach, access to large-scale
capital and operational expertise, Brookfield offers a range of
alternative investment products to investors around the
world—including public and private pension plans, endowments and
foundations, sovereign wealth funds, financial institutions,
insurance companies and private wealth investors.
Brookfield Asset Management is listed on the New
York and Toronto stock exchanges under the symbols BAM and BAM.A,
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 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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