Brookfield Asset Management Announces Renewal of Normal Course Issuer Bid
21 Avril 2014 - 5:20PM
Marketwired
Brookfield Asset Management Announces Renewal of Normal Course
Issuer Bid
TORONTO, ONTARIO--(Marketwired - Apr 21, 2014) - Brookfield
Asset Management Inc. (NYSE:BAM)(TSX:BAM.A)(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 53,516,925 Class A Limited Voting Shares ("Class A
Shares"), representing 10% of the public float of Brookfield's
outstanding Class A Shares. Purchases under the bid will be made
through the facilities of the TSX, the New York Stock Exchange
("NYSE") and any alternative Canadian trading platform. The period
of the normal course issuer bid will extend from April 23, 2014 to
April 22, 2015, 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 April 9, 2014, the number of Class A Shares issued and
outstanding totaled 626,640,483, of which 535,169,258 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
143,985 Class A Shares, which is 25% of 575,943 (the average daily
trading volume for Brookfield's Class A Shares on the TSX, net of
issuer bid purchases, for the six months ended March 31, 2014).
Under its current normal course issuer bid that commenced on
April 23, 2013 and expires on April 22, 2014, Brookfield purchased
1,710,603 Class A Shares through open market purchases on the TSX
and 3,424,934 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 US$36.15.
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 23rd, 2014 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 black-out 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.
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.
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", "may" 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 Shares pursuant to the company's normal course
issuer bid and automatic 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 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.
Media:Andrew WillisCommunications and Media(416) 369-8236(416)
363-2856andrew.willis@brookfield.comInvestors:Amar DhotarInvestor
Relations(416) 359-8629(416)
363-2856amar.dhotar@brookfield.comwww.brookfield.com