Brookfield Corporation Announces Renewal of Normal Course
Issuer Bid
Brookfield (NYSE: BN, TSX: BN) 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 142,042,619 Class A Limited Voting Shares
(“Class A Shares”), representing 10% of the public float of
Brookfield’s outstanding Class A Shares. Purchases under the bid
will be made on the open market 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, 2023 to May 24, 2024, 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 or such other price as may be permitted.
As at May 17, 2023, the number of Class A
Shares issued and outstanding totaled 1,637,857,149 of which
1,420,426,190 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 457,672 Class A Shares, which is 25% of
1,830,691 (the average daily trading volume for Class A Shares on
the TSX for the six months ended April 30, 2023).
Of the 138,664,974 Class A Shares approved for
purchase under Brookfield’s prior normal course issuer bid that
commenced on May 25, 2022 and will expire on May 24,
2023, Brookfield purchased 18,216,408 Class A Shares as of May
17, 2023; 4,958,290 Class A Shares through open market purchases on
the TSX and 13,258,118 Class A Shares through open market purchases
on the NYSE as of May 17, 2023. The weighted average price that
Brookfield paid per Class A Share acquired under this bid
was US$42.22 for the period beginning on May 25, 2022 and
ending on December 9, 2022 (being the last trading day before the
date on which Brookfield completed the public listing and
distribution of a 25% interest in its asset management business)
and US$31.64 for the period beginning on December 12, 2022 and
ending on May 17, 2023. 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 on an annual basis can be
invested for an attractive risk adjusted return through the issuer
bid. All Class A 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 intends to enter into an automatic
purchase plan on or about the week of June 19, 2023 in
relation to the normal course issuer bid. 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.
About Brookfield
Corporation
Brookfield Corporation (NYSE: BN, TSX: BN) is
focused on compounding capital over the long term to earn an
annualized return of 15%+ for our shareholders.
Today, our capital is invested across three
businesses – Asset Management, Insurance Solutions and our
Operating Businesses, generating substantial and growing free cash
flows, all of which is underpinned by a conservatively capitalized
balance sheet.
We employ a disciplined investment approach,
leveraging our global reach and the scale and flexibility of our
capital, to identify proprietary opportunities to invest on a value
basis. We then utilize our deep operating expertise, based on our
100+ year history as an owner and operator of real assets, to grow
cash flows and create value in each of our businesses to generate
strong risk-adjusted returns across market cycles.
For more information, please visit our website
at www.bn.brookfield.com or contact:
Communications &
Media:Kerrie McHugh HayesTel: (212) 618-3469Email:
kerrie.mchugh@brookfield.com |
|
Investor
Relations: Linda Northwood Tel: (416) 359-8647 Email:
linda.northwood@brookfield.com |
Forward-Looking Statements
This news release contains “forward-looking
information” within the meaning of Canadian provincial securities
laws and “forward-looking statements” within the meaning of
the U.S. Securities Act of 1933,
the U.S. Securities Exchange Act of 1934 and “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995 and in any applicable Canadian
securities regulations. The words “believe”, “may”, “intend” 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.
In particular, the forward-looking information
contained in this news release includes statements referring to
potential future purchases by Brookfield of its Class A
Shares pursuant to the company’s normal course issuer bid and
automatic purchase plan. Although Brookfield believes
that the anticipated future results, performance or achievements
expressed or implied by the forward-looking statements and
information are 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, many of which are beyond
Brookfield’s control, which may cause the actual results,
performance or achievements of Brookfield 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, but are not limited to: (i) the
impact or unanticipated impact of general economic, political and
market factors 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 fluctuations in
interest and foreign exchange rates; (iii) global equity and
capital markets and the availability of equity and debt financing
and refinancing within these markets; and (iv) factors detailed
from time to time in the documents filed by Brookfield with the
securities regulators in Canada and the United
States including in Management’s Discussion and Analysis 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, that may be as a result of new information, future
events or otherwise.
Brookfield (LSE:0KEH)
過去 株価チャート
から 4 2024 まで 5 2024
Brookfield (LSE:0KEH)
過去 株価チャート
から 5 2023 まで 5 2024