Brookfield Asset Management Inc. (“Brookfield”) (TSX: BAM.A, NYSE:
BAM) reports that, through a subsidiary, it has entered into a
subscription agreement with Superior Plus Corp. (“Superior”) for
the purchase of US$260 million (approximately C$350 million)
of newly created perpetual exchangeable Series 1 Preferred Stock
(the “Preferred Stock”) of Superior Plus US Holdings Inc., a
subsidiary of Superior, on a private placement basis (the
“Transaction”).
The Preferred Stock may be exchanged, at
Brookfield’s option, into common shares of Superior (“Common
Shares”) at an exchange price of US$8.67 per Common Share. The
exchange price of the Preferred Stock will be subject to adjustment
from time to time in accordance with the terms of the Preferred
Stock. The Preferred Stock will be entitled to vote on an
as-exchanged basis on all matters on which holders of Common Shares
vote, subject to a limit of 19.9%, unless Superior shareholder
approval is obtained.
Immediately prior to entering into the
Transaction, Brookfield and its affiliates owned no voting or
equity securities in the capital of Superior. Upon completion of
the Transaction, Brookfield and its affiliates will own 260,000
shares of Preferred Stock, representing approximately 15% of the
then-outstanding Common Shares, assuming the exchange of the
outstanding Preferred Stock owned or controlled by Brookfield and
its affiliates for Common Shares.
Brookfield, through its subsidiary, has agreed
to acquire the Preferred Stock for investment purposes.
This news release is issued under the early
warning provisions of the Canadian securities legislation. An early
warning report with additional information in respect of the
foregoing matters will be filed and made available on the System
for Electronic Document Analysis and Review (SEDAR) at
www.sedar.com under Superior’s profile.
Superior’s head office is located at 401-200
Wellington Street West, Toronto, Ontario, M5V 3C7.
Brookfield Asset Management
Inc. is a leading global alternative asset manager with
over US$515 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 symbol BAM and BAM.A
respectively.
For more information, please visit our website at
www.brookfield.com or contact:
Communications & Media:Claire HollandTel:
(416) 369-8236Email: claire.holland@brookfield.com |
Investor RelationsLinda Northwood Tel: (416)
359-8647 Email: linda.northwood@brookfield.com |
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