Brookfield Asset Management Announces Normal Course Issuer Bid
17 April 2009 - 8:24PM
Marketwired
Brookfield Asset Management Inc. (TSX: BAM.A)(NYSE: BAM)(EURONEXT:
BAMA) today announced that it has received approval from the
Toronto Stock Exchange ("TSX") for its proposed normal course
issuer bid to purchase up to 49,300,000 Class A Limited Voting
Shares ("Class A Shares"), representing approximately 9.9% of the
public float of the company's outstanding Class A Shares. Purchases
pursuant to the bid will be made through the facilities of the TSX
and the New York Stock Exchange ("NYSE"). The period of the normal
course issuer bid will extend from April 21, 2009 to April 20,
2010, 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 through the facilities of the TSX and
the NYSE. All Class A Shares acquired by Brookfield under this bid
will be cancelled.
As at April 14, 2009, the number of Class A Shares issued and
outstanding totalled approximately 571.7 million, of which the
public float is approximately 493.4 million. In accordance with the
rules of the Toronto Stock Exchange, the maximum daily purchase on
the TSX under this bid will be 300,457 Class A Shares, which is 25%
of the average daily traded volume for the Corporation's Class A
Shares on the TSX, net of issuer bid purchases, for the six months
ended March 31, 2009.
Under its current normal course issuer bid that commenced on
April 21, 2008 and expires on April 20, 2009, Brookfield has
purchased 1,526,678 Class A Shares through open market purchases on
the TSX at an average price per share of C$23.28, and 11,724,374
Class A Shares on the NYSE at an average price per share of
US$17.34.
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. The company believes that, in
such circumstances, the outstanding Class A Shares represent an
attractive investment for Brookfield, since a portion of the
company's excess cash generated on an annual basis can be invested
for an attractive risk adjusted return on capital through the
issuer bid.
Brookfield Asset Management Inc. is focused on property, power
and infrastructure assets and has approximately US$80 billion of
assets under management. The company's common shares are listed on
the New York and Toronto stock exchanges under the symbols BAM and
BAM.A, respectively, and on Euronext under the symbol BAMA.
Note: This press release contains forward-looking information
within the meaning of Canadian provincial securities laws and other
"forward looking statements" within the meaning of Section 27A of
the U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended. The words
"proposed", "believe", conditional verbs such as "will" and other
expressions which are predictions of or indicate future events,
trends or prospects and which do not relate to historical matters
identify forward-looking statements. Although Brookfield Asset
Management believes that the proposed purchase of Brookfield's
Class A Limited Voting Shares under the renewed normal course
issuer bid implied by the forward-looking statements and
information is based upon reasonable assumptions and expectations,
the reader made or 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 Limited Voting 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 Strategy, 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.
Contacts: Brookfield Asset Management Denis Couture, SVP,
Investor Relations and Corporate and International Affairs (416)
956-5189 (416) 363-2856 (FAX) dcouture@brookfield.com
www.brookfield.com
Brookfield Asset Managem... (TSX:BAM.A)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Brookfield Asset Managem... (TSX:BAM.A)
Historical Stock Chart
Von Jul 2023 bis Jul 2024