Brookfield Corporation (TSX: BN, NYSE: BN)
(“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 on the
open market through the facilities of the TSX and/or alternative
Canadian trading systems. The period of the normal course issuer
bid will extend from August 22, 2024 to August 21, 2025, 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 or such other price as may be permitted.
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 float |
Average daily trading
volume2 |
Maximum number of shares subject to
purchase3 |
Total Daily |
Series 2 |
BN.PR.B |
10,220,175 |
10,220,175 |
7,908 |
1,022,018 |
1,977 |
Series 4 |
BN.PR.C |
3,983,910 |
3,983,910 |
1,686 |
398,391 |
1,000 |
Series 13 |
BN.PR.K |
8,792,596 |
8,792,596 |
3,183 |
879,260 |
1,000 |
Series 17 |
BN.PR.M |
7,840,204 |
7,840,204 |
5,493 |
784,020 |
1,373 |
Series 18 |
BN.PR.N |
7,681,088 |
7,681,088 |
8,198 |
768,109 |
2,049 |
Series 24 |
BN.PR.R |
10,808,027 |
10,808,027 |
7,673 |
1,080,803 |
1,918 |
Series 26 |
BN.PR.T |
9,770,928 |
9,770,928 |
5,577 |
977,093 |
1,394 |
Series 28 |
BN.PR.X |
9,233,927 |
9,233,927 |
3,700 |
923,393 |
1,000 |
Series 30 |
BN.PR.Z |
9,787,090 |
9,787,090 |
4,495 |
978,709 |
1,123 |
Series 32 |
BN.PF.A |
11,750,299 |
11,750,299 |
6,685 |
1,175,030 |
1,671 |
Series 34 |
BN.PF.B |
9,876,735 |
9,876,735 |
9,142 |
987,674 |
2,285 |
Series 36 |
BN.PF.C |
7,842,909 |
7,842,909 |
5,252 |
784,291 |
1,313 |
Series 37 |
BN.PF.D |
7,830,091 |
7,830,091 |
3,449 |
783,009 |
1,000 |
Series 38 |
BN.PF.E |
7,906,132 |
7,906,132 |
7,522 |
790,613 |
1,880 |
Series 40 |
BN.PF.F |
11,841,025 |
11,841,025 |
11,338 |
1,184,103 |
2,834 |
Series 42 |
BN.PF.G |
11,887,500 |
11,887,500 |
9,355 |
1,188,750 |
2,338 |
Series 44 |
BN.PF.H |
9,831,929 |
9,831,929 |
4,374 |
983,193 |
1,093 |
Series 46 |
BN.PF.I |
11,740,797 |
11,740,797 |
6,201 |
1,174,080 |
1,550 |
Series 48 |
BN.PF.J |
11,885,972 |
11,885,972 |
8,776 |
1,188,597 |
2,194 |
Series 51 |
BN.PF.K |
3,320,486 |
3,320,486 |
2,699 |
332,049 |
1,000 |
Series 52 |
BN.PF.L |
1,177,580 |
1,177,580 |
712 |
117,758 |
1,000 |
__________________1 As at August 9, 2024.2
Calculated for the six-month period ended July 31, 2024.3 In
accordance with TSX rules, any daily repurchases on the TSX with
respect to (i) the Series 4, Series 13, Series 28, Series 37,
Series 51 and Series 52 Preferred Shares will be limited to 1,000
of the respective series and (ii) each of the other series of
Preferred Shares (excluding the Series 4, Series 13, Series 28,
Series 37, Series 51 and Series 52 Preferred Shares) will be
limited to 25% of the average daily trading volume on the TSX of
the respective Preferred Shares.
As of August 19, 2024, under its current normal
course issuer bid that commenced on August 22, 2023 and will expire
on August 21, 2024, and which was approved by the
TSX, Brookfield has not made any purchases of the Preferred
Shares.
Brookfield believes that the renewed normal
course issuer bid will provide the flexibility to use available
funds to purchase Preferred Shares should they be trading in price
ranges that do not fully reflect their value.
Brookfield intends to enter into an automatic
share purchase plan on or about the week of September 23, 2024 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.
About Brookfield
Corporation
Brookfield Corporation is a leading global
investment firm focused on building long-term wealth for
institutions and individuals around the world. We have three core
businesses: Alternative Asset Management, Wealth Solutions, and our
Operating Businesses which are in renewable power, infrastructure,
business and industrial services, and real estate.
We have a track record of delivering 15%+
annualized returns to shareholders for over 30 years, supported by
our unrivaled investment and operational experience. Our
conservatively managed balance sheet, extensive operational
experience, and global sourcing networks allow us to consistently
access unique opportunities. At the center of our success is the
Brookfield Ecosystem, which is based on the fundamental principle
that each group within Brookfield benefits from being part of the
broader organization. Brookfield Corporation is publicly traded in
New York and Toronto (NYSE: BN, TSX: BN).
For more information, please visit our website
at www.bn.brookfield.com or contact:
Media |
|
Investor Relations |
Kerrie McHugh |
|
Linda Northwood |
Tel: (212) 618-3469 |
|
Tel: (416) 359-8647 |
Email:
kerrie.mchugh@brookfield.com |
|
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, “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995 and in any
applicable Canadian securities regulations (collectively,
“forward-looking statements”). Forward-looking statements include
statements that are predictive in nature, depend upon or refer to
future results, events or conditions, and include, but are not
limited to, statements which reflect management’s current
estimates, beliefs and assumptions and which are in turn based on
our experience and perception of historical trends, current
conditions and expected future developments, as well as other
factors management believes are appropriate in the circumstances.
The estimates, beliefs and assumptions of Brookfield are inherently
subject to significant business, economic, competitive and other
uncertainties and contingencies regarding future events and as
such, are subject to change. Forward-looking statements are
typically identified by words such as “expect”, “anticipate”,
“believe”, “foresee”, “could”, “estimate”, “goal”, “intend”,
“plan”, “seek”, “strive”, “will”, “may” and “should” and similar
expressions. In particular, the forward-looking statements
contained in this news release include statements referring to
potential future purchases by Brookfield of its Preferred Shares
pursuant to the company’s normal course issuer bid and automatic
share purchase plan.
Although Brookfield believes that such
forward-looking statements are based upon reasonable estimates,
beliefs and assumptions, actual results may differ materially from
the forward-looking statements. 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 our documents filed with the securities
regulators in Canada and the United States.
We caution that the foregoing list of
important factors that may affect future results is not exhaustive
and other factors could also adversely affect future results.
Readers are urged to consider these risks, as well as other
uncertainties, factors and assumptions carefully in evaluating the
forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements, which are based only
on information available to us as of the date of this news release.
Except as required by law, Brookfield undertakes no obligation to
publicly update or revise any forward-looking statements, whether
written or oral, that may be as a result of new information, future
events or otherwise.
Brookfield (TSX:BN)
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