Brookfield Asset Management Announces Renewal of Normal Course Issuer Bid for Preferred Shares
17 August 2021 - 12:55PM
Brookfield Asset Management Inc. (NYSE: BAM) (TSX: BAM.A)
(“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 through the
facilities of the TSX and/or alternative Canadian trading systems.
The period of the normal course issuer bid will extend from August
20, 2021 to August 19, 2022, 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. 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 and outstanding shares1 |
Public float1 |
Average daily trading volume2 |
Maximum number of shares subject to purchase3 |
|
Total |
Daily |
|
Series 2 |
BAM.PR.B |
10,457,685 |
10,220,175 |
13,979 |
1,022,018 |
3,449 |
|
Series 4 |
BAM.PR.C |
3,995,910 |
3,983,910 |
8,130 |
398,391 |
2,032 |
|
Series 8 |
BAM.PR.E |
2,476,185 |
2,475,185 |
1,180 |
247,519 |
1,000 |
|
Series 9 |
BAM.PR.G |
5,515,981 |
2,022,881 |
888 |
202,288 |
1,000 |
|
Series 13 |
BAM.PR.K |
9,640,096 |
8,792,596 |
21,350 |
879,260 |
5,337 |
|
Series 17 |
BAM.PR.M |
7,840,204 |
7,840,204 |
7,869 |
784,020 |
1,967 |
|
Series 18 |
BAM.PR.N |
7,866,749 |
7,681,088 |
4,619 |
768,109 |
1,154 |
|
Series 24 |
BAM.PR.R |
10,808,027 |
10,808,027 |
13,305 |
1,080,803 |
3,326 |
|
Series 26 |
BAM.PR.T |
9,770,928 |
9,770,928 |
11,599 |
977,093 |
2,899 |
|
Series 28 |
BAM.PR.X |
9,233,927 |
9,233,927 |
17,932 |
923,393 |
4,483 |
|
Series 30 |
BAM.PR.Z |
9,787,090 |
9,787,090 |
7,141 |
978,709 |
1,785 |
|
Series 32 |
BAM.PF.A |
11,750,299 |
11,750,299 |
11,414 |
1,175,030 |
2,853 |
|
Series 34 |
BAM.PF.B |
9,876,735 |
9,876,735 |
6,296 |
987,674 |
1,574 |
|
Series 36 |
BAM.PF.C |
7,842,909 |
7,842,909 |
7,400 |
784,291 |
1,850 |
|
Series 37 |
BAM.PF.D |
7,830,091 |
7,830,091 |
9,027 |
783,009 |
2,256 |
|
Series 38 |
BAM.PF.E |
7,906,132 |
7,906,132 |
6,219 |
790,613 |
1,554 |
|
Series 40 |
BAM.PF.F |
11,841,025 |
11,841,025 |
6,799 |
1,184,103 |
1,699 |
|
Series 42 |
BAM.PF.G |
11,887,500 |
11,887,500 |
9,238 |
1,188,750 |
2,309 |
|
Series 44 |
BAM.PF.H |
9,831,929 |
9,831,929 |
6,354 |
983,193 |
1,588 |
|
Series 46 |
BAM.PF.I |
11,740,797 |
11,740,797 |
9,966 |
1,174,080 |
2,491 |
|
Series 48 |
BAM.PF.J |
11,885,972 |
11,885,972 |
12,419 |
1,188,597 |
3,104 |
________________________________
- Calculated as at August 5, 2021.
- Calculated for the six months ended July 31, 2021.
- In accordance with TSX rules, any daily repurchases with
respect to: (i) the Series 8 and Series 9 Preferred Shares will be
limited to 1,000 shares of the respective series and (ii) each of
the other series of Preferred Shares (excluding the Series 8 and
Series 9 Preferred Shares) will be limited to 25% of the
average daily trading volume on the TSX of the respective
series.
As of August 13, 2021, under its current normal
course issuer bid that commenced on August 20, 2020 and will expire
on August 19, 2021, and which was approved by the
TSX, Brookfield has not made any purchases of
the Preferred Shares.
Brookfield is renewing its normal course issuer
bid because it believes that, from time to time, the Preferred
Shares may trade in price ranges that do not fully reflect their
value. Brookfield believes that, in such circumstances, acquiring
the Preferred Shares represents an attractive and desirable use of
its available funds.
Brookfield will enter into an automatic share
purchase plan on or about the week of September 20, 2021 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.
Brookfield Asset Management
Inc.Brookfield Asset Management is a leading global
alternative asset manager with over US$625 billion of assets under
management across real estate, infrastructure, renewable power,
private equity and credit. Brookfield owns and operates long-life
assets and businesses, many of which form the backbone of the
global economy. Utilizing its global reach, access to large-scale
capital and operational expertise, Brookfield offers a range of
alternative investment products to investors around the
world—including public and private pension plans, endowments and
foundations, sovereign wealth funds, financial institutions,
insurance companies and private wealth investors. Brookfield Asset
Management is listed on the New York and Toronto stock exchanges
under the symbols BAM and BAM.A, respectively.
For more information, please visit our website
at www.brookfield.com or contact:
|
Kerrie McHughCommunicationsTel: (212) 618-3464Email:
kerrie.mchugh@brookfield.com |
Linda NorthwoodInvestor RelationsTel: (416) 359-8647Email:
linda.northwood@brookfield.com |
Forward-Looking
Statements
Note: This news release contains
"forward-looking information" within the meaning of Canadian
provincial securities laws and "forward-looking statements" within
the meaning of Section 27A of the U.S. Securities Act of 1933, as
amended, Section 21E of the U.S. Securities Exchange Act of 1934,
as amended, "safe harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995 and in any applicable
Canadian securities regulations. The word “believe,” conditional
verbs such as "will," “may” 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.
Forward-looking information in this news release
includes statements with regards to potential future purchases by
Brookfield of its Class A Preference Shares pursuant to the
company’s normal course issuer bid and automatic share purchase
plan. 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 Preference 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
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.