BROOKFIELD, NEWS, May 19, 2022 (GLOBE NEWSWIRE) — Brookfield (:BAM, TSX:BAM.A) announced today that it has received approval from the Toronto Stock Exchange (“TSX”) for the renewal of its normal course issuer bid to purchase up to 138,664,974 shares entitled Class A Limited Voting Shareholders (“Class A Shares”), representing 10% of the public float of outstanding Class A Shares of Brookfield. Purchases under the Offer will be made in the open market through the facilities of the TSX, the New York Stock Exchange (“ ”) and/or other trading systems. The normal course issuer bid period will run from May 25, 2022 to May 24, 2023, or an earlier date if Brookfield completes its purchases. Brookfield will pay the market price at the time of acquisition for any purchased Class A Shares or such other price as may be permitted.
As of May 17, 2022, the number of Class A shares issued and outstanding totaled 1,641,397,240 of which 1,386,649,739 shares represented the public float. In accordance with TSX rules, the maximum daily purchase on the TSX under this offering will be 409,365 Class A Shares, or 25% of 1,637,460 (the average daily trading volume of the Class A Shares on the TSX for the six months ended April 30, 2022).
Since the last program and as of May 17, 2022, we have purchased 5,829,618 shares; 1,967,121 Class A Shares through open market purchases on the TSX and 3,862,497 Class A Shares through open market purchases on the , of the 132,856,682 Class A Shares of which the purchase was approved under Brookfield’s prior issuer bid which commenced on May 25, 2021 and will expire on May 24, 2022. The weighted average price Brookfield paid per Class A Share acquired under of this offer was US$51.72. 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 annually can be invested for an attractive risk-adjusted return through the takeover bid. All Class A Shares acquired by Brookfield pursuant to this offer will be canceled and/or purchased by a non-independent trustee pursuant to the terms of Brookfield’s long-term incentive plans.
Brookfield intends to enter into an automatic purchase plan on or about the week of June 20, 2022 in connection with the normal course issuer bid. The automatic purchase plan will permit the purchase of Class A shares, subject to certain trading parameters, at times when Brookfield would not normally 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 redeemed at management’s discretion and in accordance with applicable laws.
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Brookfield (:BAM, TSX:BAM.A) is a leading global alternative asset manager with approximately $725 billion in assets under management in real estate, infrastructure, renewable energy and transition, private equity and credit. Brookfield owns and operates long-lived assets and businesses, many of which form the backbone of the global economy. Using 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 investors.
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This press release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the US Securities Act of 1933, the US Securities Exchange Act of 1934 and the of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words “believe”, “may”, “intend” and their derivatives, as well as other expressions which predict or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking statements.
In particular, forward-looking information in this press release includes statements referring to potential future purchases by Brookfield of its Class A Shares pursuant to the normal course issuer bid and purchase plan. company automatic. Although Brookfield believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based on reasonable assumptions and expectations, the reader should not place undue reliance on the forward-looking statements and information because they involve known information and unknown risks, uncertainties and other factors, many of which are beyond Brookfield’s control, which may cause Brookfield’s actual results, performance or achievements to differ materially from anticipated future results, performance or achievements 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 the forward-looking statements include, but are not limited to: (i) the impact or unanticipated impact of economic, political and general market conditions 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 interest rate and currency exchange rate fluctuations; (iii) global equity and capital markets and the availability of equity and debt financing and refinancing within such markets; and (iv) the factors detailed from time to time in documents filed by Brookfield with securities regulators in Canada and the United States, including in the MD&A 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, which may result from new information, future events or otherwise.