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

BROOKFIELD, NEWS, Aug. 16, 2019 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (BAM) (BAM-A.TO) (BAMA.NX) (“Brookfield” or “the company”) today announced it has received approval from the Toronto Stock Exchange (“TSX”) for its proposed 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, 2019 to August 19, 2020, 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 6,171 1,022,017 1,542
Series 4 BAM.PR.C 3,995,910 3,983,910 3,339 398,391 1,000
Series 8 BAM.PR.E 2,476,185 2,475,185 928 247,518 1,000
Series 9 BAM.PR.G 5,515,981 2,022,881 691 202,288 1,000
Series 13 BAM.PR.K 9,640,096 8,792,596 12,049 879,259 3,012
Series 17 BAM.PR.M 7,840,204 7,840,204 2,913 784,020 1,000
Series 18 BAM.PR.N 7,866,749 7,681,088 3,555 768,108 1,000
Series 24 BAM.PR.R 9,282,910 9,281,610 6,314 928,161 1,578
Series 25 BAM.PR.S 1,529,133 1,529,133 976 152,913 1,000
Series 26 BAM.PR.T 9,774,812 9,774,012 7,764 977,401 1,941
Series 28 BAM.PR.X 9,241,457 9,237,347 10,008 923,734 2,502
Series 30 BAM.PR.Z 9,790,374 9,790,274 9,037 979,027 2,259
Series 32 BAM.PF.A 11,754,099 11,754,099 11,858 1,175,409 2,964
Series 34 BAM.PF.B 9,879,277 9,879,277 8,901 987,927 2,225
Series 36 BAM.PF.C 7,842,909 7,842,909 4,384 784,290 1,096
Series 37 BAM.PF.D 7,830,091 7,830,091 3,488 783,009 1,000
Series 38 BAM.PF.E 7,914,556 7,908,396 5,742 790,839 1,435
Series 40 BAM.PF.F 11,848,165 11,845,195 10,856 1,184,519 2,714
Series 42 BAM.PF.G 11,899,900 11,890,300 7,938 1,189,030 1,984
Series 44 BAM.PF.H 9,831,929 9,831,929 8,357 983,192 2,089
Series 46 BAM.PF.I 11,740,797 11,740,797 15,201 1,174,079 3,800
Series 48 BAM.PF.J 11,885,972 11,885,972 9,161 1,188,597 2,290

1. Calculated as at August 6, 2019.
2. Calculated for the six months prior to July 31, 2019.           
3. In accordance with TSX rules, any daily repurchases with respect to: (i) the Series 4, Series 8, Series 9, Series 17, Series 18, Series 25 and Series 36 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 4, Series 8, Series 9, Series 17, Series 25 and Series 36 Preferred Shares) will be limited to 25% of the average daily trading volume on the TSX of the respective series.

As of August 6, 2019, under its current normal course issuer bid that commenced on August 20, 2018 and will expire on August 19, 2019, and which the company sought and received approval from the TSX, Brookfield purchased Preferred Shares as follows

Series Number of
shares
purchased
Maximum number of
shares subject to
purchase
Weighted average price
paid per purchased
share (C$)
Series 2 7,415 1,022,759 13.79
Series 4 4,090 398,800 13.68
Series 8 3,400 247,858 19.54
Series 9 3,134 202,601 18.92
Series 13 7,604 880,020 13.85
Series 17 110,552 795,075 20.45
Series 18 99,409 778,049 20.42
Series 24 112,640 939,425 18.38
Series 25 4,000 153,313 16.96
Series 26 129,336 990,334 18.30
Series 28 122,040 935,938 16.69
Series 30 143,776 993,405 22.68
Series 32 228,469 1,198,256 23.02
Series 34 98,612 997,788 21.09
Series 36 106,115 794,902 20.90
Series 37 118,992 794,908 21.21
Series 38 91,604 800,000 20.40
Series 40 154,805 1,200,000 21.80
Series 42 109,700 1,200,000 21.50
Series 44 113,260 994,518 25.71
Series 46 154,993 1,189,579 25.44
Series 48 114,028 1,200,000 24.44

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 purchase plan on or about the week of September 23, 2019 in relation to the normal course issuer bid. The automatic 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, Preferred Shares will be repurchased in accordance with management’s discretion and in compliance with applicable law.

Brookfield Asset Management Inc. is a leading global alternative asset manager with over $385 billion in assets under management. The company has more than a 120-year history of owning and operating assets with a focus on real estate, renewable power, infrastructure and private equity. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and BAMA, respectively.

For more information, please visit our website at www.brookfield.com or contact: 

Claire Holland
Communications & Media
Tel: (416) 369-8236
Email: claire.holland@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 words “proposed”, “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 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.