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Brookfield Asset Management Announces Renewal of Normal Course Issuer Bid for Preferred Shares

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BROOKFIELD, NEWS, Aug. 17, 2021 (GLOBE NEWSWIRE) -- 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

________________________________

  1. Calculated as at August 5, 2021.

  2. Calculated for the six months ended July 31, 2021.

  3. 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 McHugh
Communications
Tel: (212) 618-3464
Email: kerrie.mchugh@brookfield.com

Linda Northwood
Investor Relations
Tel: (416) 359-8647
Email: 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.