Brookfield Asset Management Announces Normal Course Issuer Bid
19 April 2011 - 6:14PM
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 50,000,000 Class A Limited Voting
Shares ("Class A Shares"), representing approximately 9.2% 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,
the New York Stock Exchange ("NYSE") and any other applicable stock
exchange. The period of the normal course issuer bid will extend
from April 21, 2011 to April 20, 2012, 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, the NYSE and any other
applicable stock exchange. All Class A Shares acquired by
Brookfield under this bid will be cancelled.
As at April 12, 2011, the number of Class A Shares issued and
outstanding totalled approximately 624.2 million, of which the
public float is approximately 543.6 million. In accordance with the
rules of the Toronto Stock Exchange, the maximum daily purchase on
the TSX under this bid will be 208,144 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, 2011.
Under its current normal course issuer bid that commenced on
April 21, 2010 and expires on April 20, 2011, Brookfield has not
purchased Class A Shares through open market purchases on the TSX
and the NYSE.
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 over US$100 billion of assets
under management. The company's common shares are listed on the New
York and Toronto stock exchanges under the symbol BAM and on
Euronext under the symbol BAMA.
For more information, please visit www.brookfield.com.
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. Forward-looking information in
this news release includes statements with regards to potential
future purchases by Brookfield of its Class A Limited Voting Shares
pursuant to the company's normal course issuer bid. 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 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: Media: Brookfield Asset Management Inc. Andrew Willis
SVP, Communications & Media (416) 369-8236 (416) 363-2856 (FAX)
andrew.willis@brookfield.com Investors: Brookfield Asset Management
Inc. Katherine Vyse SVP, Investor Relations (416) 369-8246 (416)
363-2856 (FAX) katherine.vyse@brookfield.com www.brookfield.com
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