- Brookfield Asset Management (BAM.A) has received approval from the TSX for the renewal of its normal course issuer bid
- The period of the normal course issuer bid will extend from May 25, 2021, to May 24, 2022
- Brookfield intends to purchase up to 132,856,682 Class A shares representing 10% of the public float
- The maximum daily purchase allowed under this bid will be 495,545 Class A shares
- Brookfield Asset Management Inc. is a leading global alternative asset manager with over US$600 billion of assets under management
- Brookfield Asset Management Inc. (BAM.A) opened trading at C$59.26 per share
Brookfield Asset Management (BAM.A) has received approval from the TSX for the renewal of its normal course issuer bid.
Brookfield intends to purchase up to 132,856,682 Class A shares representing 10% of the public float. Purchases under the bid will be made through the facilities of the TSX, the New York Stock Exchange (“NYSE”), and/or alternative trading systems.
The period of the normal course issuer bid will extend from May 25, 2021, to May 24, 2022, or earlier should Brookfield complete its purchases. Brookfield will pay the market price at the time of acquisition for any Class A shares purchased or such other price as may be permitted.
As of May 18, 2021, the number of Class A shares issued and outstanding totalled 1,577,564,357, of which 1,328,566,827 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 495,545 Class A shares, which is 25% of the average daily trading volume for Class A shares on the TSX for the six months ended April 30, 2021.
Of the 132,829,848 Class A shares approved for purchase under Brookfield’s prior normal course issuer bid scheduled to expire on May 24, 2021, Brookfield purchased 1,998,400 shares through open market purchases on the TSX and 5,951,806 shares through open market purchases on the NYSE as of May 18, 2021.
The weighted average price that Brookfield paid per Class A share acquired under this bid was US$38.59.
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. All shares acquired by Brookfield under this bid will be cancelled and/or purchased by a non-independent trustee pursuant to the terms of Brookfield’s long-term incentive plans.
Brookfield will enter into an automatic purchase plan on or about the week of June 21, 2021. 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 leading global alternative asset manager with over US$600 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit.
Brookfield Asset Management Inc. (BAM.A) opened trading at C$59.26 per share.
