Brookfield Asset Management Announces Normal Co...
TORONTO, ONTARIO -- (MARKET WIRE) -- 04/17/09 -- Brookfield Asset
Management Inc. (TSX: BAM.A)(NYSE: BAM)(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 49,300,000 Class A Limited Voting Shares ("Class A
Shares"), representing approximately 9.9% of the public float of the
company's outstanding Class A Shares. Purchases pursuant to the bid
will be made through the facilities of the TSX and the New York Stock
Exchange ("NYSE"). The period of the normal course issuer bid will
extend from April 21, 2009 to April 20, 2010, 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 through the facilities of the TSX and the NYSE. All Class A
Shares acquired by Brookfield under this bid will be cancelled.
As at April 14, 2009, the number of Class A Shares issued and
outstanding totalled approximately 571.7 million, of which the public
float is approximately 493.4 million. In accordance with the rules of
the Toronto Stock Exchange, the maximum daily purchase on the TSX
under this bid will be 300,457 Class A Shares, which is 25% of the
average daily traded volume for the Corporation's Class A Shares on
the TSX, net of issuer bid purchases, for the six months ended March
31, 2009.
Under its current normal course issuer bid that commenced on April
21, 2008 and expires on April 20, 2009, Brookfield has purchased
1,526,678 Class A Shares through open market purchases on the TSX at
an average price per share of C$23.28, and 11,724,374 Class A Shares
on the NYSE at an average price per share of US$17.34.
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. The company believes that, in such
circumstances, the outstanding Class A Shares represent an attractive
investment for Brookfield, since a portion of the company's excess
cash generated on an annual basis can be invested for an attractive
risk adjusted return on capital through the issuer bid.
Brookfield Asset Management Inc. is focused on property, power and
infrastructure assets and has approximately US$80 billion of assets
under management. The company's common shares are listed on the New
York and Toronto stock exchanges under the symbols BAM and BAM.A,
respectively, and on Euronext under the symbol BAMA.
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" 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. Although Brookfield Asset Management
believes that the proposed purchase of Brookfield's Class A Limited
Voting Shares under the renewed normal course issuer bid implied by
the forward-looking statements and information is based upon
reasonable assumptions and expectations, the reader made or 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 Limited
Voting 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 Strategy, 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.
Contacts:
Brookfield Asset Management
Denis Couture, SVP,
Investor Relations and Corporate and International Affairs
(416) 956-5189
(416) 363-2856 (FAX)
dcouture@brookfield.com
www.brookfield.com
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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