BROOKFIELD, NEWS, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Brookfield Corporation
(NYSE: BN, TSX: 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, 2023 to August 21, 2024, 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:
+---------+-------+---------------+------------+-----------+-------------------+
| | | | | | Maximum number of |
| | | | | Average | shares subject |
| | | Issued and | | daily | to purchase³ |
| | | outstanding | | trading +-------------------+
| Series |Ticker | shares¹ |Public float| volume² | Total Daily |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 2 |BN.PR.B| 10,220,175 | 10,220,175 | 5,043 |1,022,018| 1,260 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 4 |BN.PR.C| 3,983,910 | 3,983,910 | 2,342 | 398,391 | 1,000 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 13|BN.PR.K| 8,792,596 | 8,792,596 | 7,227 | 879,260 | 1,806 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 17|BN.PR.M| 7,840,204 | 7,840,204 | 2,753 | 784,020 | 1,000 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 18|BN.PR.N| 7,681,088 | 7,681,088 | 2,762 | 768,109 | 1,000 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 24|BN.PR.R| 10,808,027 | 10,808,027 | 5,654 |1,080,803| 1,413 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 26|BN.PR.T| 9,770,928 | 9,770,928 | 4,981 | 977,093 | 1,245 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 28|BN.PR.X| 9,233,927 | 9,233,927 | 3,344 | 923,393 | 1,000 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 30|BN.PR.Z| 9,787,090 | 9,787,090 | 6,116 | 978,709 | 1,529 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 32|BN.PF.A| 11,750,299 | 11,750,299 | 6,021 |1,175,030| 1,505 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 34|BN.PF.B| 9,876,735 | 9,876,735 | 6,963 | 987,674 | 1,740 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 36|BN.PF.C| 7,842,909 | 7,842,909 | 2,529 | 784,291 | 1,000 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 37|BN.PF.D| 7,830,091 | 7,830,091 | 3,631 | 783,009 | 1,000 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 38|BN.PF.E| 7,906,132 | 7,906,132 | 5,522 | 790,613 | 1,380 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 40|BN.PF.F| 11,841,025 | 11,841,025 | 5,989 |1,184,103| 1,497 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 42|BN.PF.G| 11,887,500 | 11,887,500 | 5,267 |1,188,750| 1,316 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 44|BN.PF.H| 9,831,929 | 9,831,929 | 6,375 | 983,193 | 1,593 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 46|BN.PF.I| 11,740,797 | 11,740,797 | 6,526 |1,174,080| 1,631 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 48|BN.PF.J| 11,885,972 | 11,885,972 | 6,921 |1,188,597| 1,730 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 51|BN.PF.K| 3,320,486 | 3,320,486 | 1,824 | 332,049 | 1,000 |
+---------+-------+---------------+------------+-----------+---------+---------+
|Series 52|BN.PF.L| 1,177,580 | 1,177,580 | 663 | 117,758 | 1,000 |
+---------+-------+---------------+------------+-----------+---------+---------+
(¹ Calculated as at August 11, 2023.)
(² Calculated for the six month period ended July 31, 2023.)
(³ In accordance with TSX rules, any daily repurchases on the TSX with respect
to (i) the Series 4, Series 17, Series 18, Series 28, Series 36, 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 17, Series 18, Series 28, Series 36, 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 11, 2023, under its current normal course issuer bid that commenced
on August 22, 2022 and will expire on August 21, 2023, 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 18, 2023 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 (NYSE: BN, TSX: BN) is focused on compounding capital
over the long term to earn attractive total returns for our shareholders. Today,
our capital is deployed 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.
For more information, please contact:
Communications & Media Investor Relations
Kerrie McHugh Hayes 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 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 Preference 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.
Â