16:27:09 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Brookfield Asset Management Inc
Symbol BAM
Shares Issued 986,983,551
Close 2016-05-18 C$ 44.26
Market Cap C$ 43,683,891,967
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Brookfield Asset to buy back up to 83.75 million shares

2016-05-19 07:31 ET - News Release

Ms. Suzanne Fleming reports

BROOKFIELD ASSET MANAGEMENT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Brookfield Asset Management Inc. has received approval from the Toronto Stock Exchange for its proposed normal course issuer bid to purchase up to 83,751,863 Class A limited voting shares, representing 10 per cent of the public float of the company's outstanding Class A shares. Purchases under the bid will be made through the facilities of the TSX, the New York Stock Exchange and any alternative Canadian trading system. The period of the normal course issuer bid will extend from May 24, 2016, to May 23, 2017, or an earlier date should Brookfield complete its purchases. Brookfield will pay the market price at the time of acquisition for any Class A shares purchased. All Class A shares acquired by Brookfield under this bid will be cancelled and/or purchased by a non-independent trustee pursuant to a long-term incentive plan.

As at May 9, 2016, the number of Class A shares issued and outstanding totalled 986,983,551, of which 837,518,635 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 242,919 Class A shares, which is 25 per cent of 971,678 (the average daily trading volume for Class A shares on the TSX for the six months ended April 30, 2016).

Under its prior normal course issuer bid that commenced on May 21, 2015, and expires on May 20, 2016, Brookfield purchased 2,052,591 Class A shares through open-market purchases on the TSX and 8,156,386 Class A shares through open-market purchases on the NYSE. The weighted average price that Brookfield paid per Class A share acquired under this bid was $31.64 (U.S.).

Brookfield is renewing its normal course issuer bid because it believes that, from time to time, the market price of its Class A 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 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 will enter into an automatic purchase plan on or about the week of June 27, 2016, in relation to the normal course issuer bid. The automatic purchase plan will allow for the purchase of Class A shares, subject to certain trading parameters, at times when Brookfield ordinarily would not be active in the market due to its own internal trading blackout period, insider trading rules or otherwise. Outside of these periods, Class A shares will be repurchased in accordance with management's discretion and in compliance with applicable law.

We seek Safe Harbor.

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