Brookfield Asset Management Announces Normal Course Issuer Bid
19 April 2013 - 1:45PM
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 53,571,157
Class A Limited Voting Shares, representing 10% of the public float
of Brookfield's outstanding Class A Limited Voting Shares.
Purchases under 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, 2013 to April 22, 2014, 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. All Class A Limited Voting Shares acquired
by Brookfield under this bid will be cancelled.
As at April 9, 2013, the number of Class A Limited Voting Shares
issued and outstanding totaled 623,711,579, of which 535,711,579
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 195,080 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, 2013.
Under its current normal course issuer bid that commenced on
April 23, 2012 and expires on April 22, 2013, Brookfield purchased
2,004,122 Class A Limited Voting Shares at an average price of
US$36.26 per share through open market purchases on the NYSE.
During this time period, no open market purchases under the normal
course issuer bid were made on the TSX.
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 through the issuer
bid.
Brookfield Asset Management Inc. is a global alternative asset
manager with over $175 billion in assets under management. The
company has over a 100-year history of owning and operating assets
with a focus on property, renewable power, infrastructure and
private equity. Brookfield has a range of public and private
investment products and services, which leverage its expertise and
experience and provide it with a competitive advantage in the
markets where it operates.
For more information about Brookfield Asset Management, please
visit our web site 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: 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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