Brookfield Corporation Announces Renewal of Normal Course Issuer Bid for Preferred Shares
18 August 2023 - 12:45PM
Brookfield Corporation (NYSE: BN, TSX: BN) (“Brookfield” or “the
company”) 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 10% of the public float
of each series of the company’s outstanding Class A Preference
Shares that are listed on the TSX (the “
Preferred
Shares”). Purchases under the bid will be made on the open
market through the facilities of the TSX and/or alternative
Canadian trading systems. The period of the normal course issuer
bid will extend from August 22, 2023 to August 21, 2024, or an
earlier date should Brookfield complete its purchases. Brookfield
will pay the market price at the time of acquisition for any
Preferred Shares purchased or such other price as may be permitted.
All Preferred Shares acquired by Brookfield under this bid will be
cancelled.
Under the normal course issuer bid, Brookfield
is authorized to repurchase each respective series of the Preferred
Shares as follows:
Series |
Ticker |
Issued andoutstanding shares¹ |
Public float |
Average dailytrading volume² |
Maximum number of shares subjectto purchase³ |
Total Daily |
Series 2 |
BN.PR.B |
10,220,175 |
10,220,175 |
5,043 |
1,022,018 |
1,260 |
Series 4 |
BN.PR.C |
3,983,910 |
3,983,910 |
2,342 |
398,391 |
1,000 |
Series 13 |
BN.PR.K |
8,792,596 |
8,792,596 |
7,227 |
879,260 |
1,806 |
Series 17 |
BN.PR.M |
7,840,204 |
7,840,204 |
2,753 |
784,020 |
1,000 |
Series 18 |
BN.PR.N |
7,681,088 |
7,681,088 |
2,762 |
768,109 |
1,000 |
Series 24 |
BN.PR.R |
10,808,027 |
10,808,027 |
5,654 |
1,080,803 |
1,413 |
Series 26 |
BN.PR.T |
9,770,928 |
9,770,928 |
4,981 |
977,093 |
1,245 |
Series 28 |
BN.PR.X |
9,233,927 |
9,233,927 |
3,344 |
923,393 |
1,000 |
Series 30 |
BN.PR.Z |
9,787,090 |
9,787,090 |
6,116 |
978,709 |
1,529 |
Series 32 |
BN.PF.A |
11,750,299 |
11,750,299 |
6,021 |
1,175,030 |
1,505 |
Series 34 |
BN.PF.B |
9,876,735 |
9,876,735 |
6,963 |
987,674 |
1,740 |
Series 36 |
BN.PF.C |
7,842,909 |
7,842,909 |
2,529 |
784,291 |
1,000 |
Series 37 |
BN.PF.D |
7,830,091 |
7,830,091 |
3,631 |
783,009 |
1,000 |
Series 38 |
BN.PF.E |
7,906,132 |
7,906,132 |
5,522 |
790,613 |
1,380 |
Series 40 |
BN.PF.F |
11,841,025 |
11,841,025 |
5,989 |
1,184,103 |
1,497 |
Series 42 |
BN.PF.G |
11,887,500 |
11,887,500 |
5,267 |
1,188,750 |
1,316 |
Series 44 |
BN.PF.H |
9,831,929 |
9,831,929 |
6,375 |
983,193 |
1,593 |
Series 46 |
BN.PF.I |
11,740,797 |
11,740,797 |
6,526 |
1,174,080 |
1,631 |
Series 48 |
BN.PF.J |
11,885,972 |
11,885,972 |
6,921 |
1,188,597 |
1,730 |
Series 51 |
BN.PF.K |
3,320,486 |
3,320,486 |
1,824 |
332,049 |
1,000 |
Series 52 |
BN.PF.L |
1,177,580 |
1,177,580 |
663 |
117,758 |
1,000 |
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¹ Calculated as at August 11, 2023.² Calculated for the six month
period ended July 31, 2023.³ In accordance with TSX rules, any
daily repurchases on the TSX with respect to (i) the Series 4,
Series 17, Series 18, Series 28, Series 36, Series 37, Series 51
and Series 52 Preferred Shares will be limited to 1,000 of the
respective series and (ii) each of the other series of Preferred
Shares (excluding the Series 4, Series 17, Series 18, Series 28,
Series 36, Series 37, Series 51 and Series 52 Preferred Shares)
will be limited to 25% of the average daily trading volume on the
TSX of the respective Preferred Shares. |
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As of August 11, 2023, under its current normal
course issuer bid that commenced on August 22, 2022 and will expire
on August 21, 2023, and which was approved by the
TSX, Brookfield has not made any purchases of
the Preferred Shares.
Brookfield believes that the renewed normal
course issuer bid will provide the flexibility to use available
funds to purchase Preferred Shares should they be trading in price
ranges that do not fully reflect their value.
Brookfield intends to enter into an automatic
share purchase plan on or about the week of September 18, 2023 in
relation to the normal course issuer bid. The automatic share
purchase plan will allow for the purchase of Preferred 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, the Preferred Shares will be
repurchased in accordance with management’s discretion and in
compliance with applicable law.
About Brookfield
Corporation
Brookfield Corporation (NYSE: BN, TSX: BN) is
focused on compounding capital over the long term to earn
attractive total returns for our shareholders. Today, our capital
is deployed across three businesses – Asset Management, Insurance
Solutions and our Operating Businesses, generating substantial and
growing free cash flows, all of which is underpinned by a
conservatively capitalized balance sheet.
For more information, please contact:
Communications & Media |
Investor Relations |
Kerrie McHugh HayesTel: (212)
618-3469Email: kerrie.mchugh@brookfield.com |
Linda NorthwoodTel: (416)
359-8647Email: linda.northwood@brookfield.com |
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Forward-Looking Statements
This news release contains “forward-looking
information” within the meaning of Canadian provincial securities
laws and “forward-looking statements” within the meaning of the
U.S. Securities Act of 1933, the U.S. Securities Exchange Act of
1934 and “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995 and in any applicable
Canadian securities regulations. The words “believe”, “may”,
“intend” 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.
In particular, the forward-looking information
contained in this news release includes statements referring to
potential future purchases by Brookfield of its Class A Preference
Shares pursuant to the company’s normal course issuer bid and
automatic purchase plan. Although Brookfield believes that the
anticipated future results, performance or achievements expressed
or implied by the forward-looking statements and information are
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, many of which are beyond
Brookfield’s control, which may cause the actual results,
performance or achievements of Brookfield 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, but are not limited to: (i) the
impact or unanticipated impact of general economic, political and
market factors in the countries in which we do business including
as a result of COVID-19 and related global economic disruptions;
(ii) the behavior of financial markets, including fluctuations in
interest and foreign exchange rates; (iii) global equity and
capital markets and the availability of equity and debt financing
and refinancing within these markets; and (iv) factors detailed
from time to time in the documents filed by Brookfield with the
securities regulators in Canada and the United States including in
Management’s Discussion and Analysis under the heading “Business
Environment and Risks”. Except as required by law, Brookfield
undertakes no obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
that may be as a result of new information, future events or
otherwise.
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