Brookfield Asset Management Announces Normal Course Issuer Bid
19 April 2012 - 1:00PM
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 53,786,237
Class A Limited Voting Shares, representing 10% of the public float
of Brookfield's outstanding Class A Limited Voting 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 23, 2012 to April 22, 2013, or an
earlier date should Brookfield complete its purchases. Brookfield
will pay the market price at the time of acquisition for any Class
A Limited Voting Shares purchased through the facilities of the
TSX, the NYSE and any other applicable stock exchange. All Class A
Limited Voting Shares acquired by Brookfield under this bid will be
cancelled.
As at April 9, 2012, the number of Class A Limited Voting Shares
issued and outstanding totaled 623,371,793, of which the public
float is 537,862,366. In accordance with the rules of the TSX, the
maximum daily purchase on the TSX under this bid will be 220,423
Class A Limited Voting Shares, which is 25% of the average daily
trading volume for Brookfield's Class A Limited Voting Shares on
the TSX, net of issuer bid purchases, for the six months ended
March 31, 2012.
Under its current normal course issuer bid that commenced on
April 21, 2011 and expires on April 20, 2012, Brookfield purchased
2,944,300 Class A Limited Voting Shares at an average price of
US$27.27 per share 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
Limited Voting 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 Limited Voting
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 on capital through
the issuer bid.
About Brookfield Asset Management
Brookfield Asset Management is a global alternative asset
manager with approximately $150 billion in assets under management.
We have over a 100 year history of owning and operating assets with
a focus on property, renewable power, infrastructure and private
equity. We offer our clients a range of public and private
investment products and services with a goal of delivering superior
risk-adjusted returns. Brookfield is co-listed on the New York and
Toronto Stock Exchanges under the symbols BAM and BAM.A,
respectively, and on the NYSE Euronext under the symbol BAMA. For
more information, please visit our website at
www.brookfield.com.
Forward-Looking Statements
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
"Operating Capabilities, 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 Inc. Andrew Willis SVP,
Communications and Media (416) 369-8236 (416) 363-2856
(FAX)andrew.willis@brookfield.com 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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