Brookfield Asset Management Announces Renewal of Normal Course Issuer Bid

BROOKFIELD, NEWS, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) (“Brookfield Asset Management”) today announced it has received approval from the Toronto Stock Exchange (the “TSX”) for the renewal of its normal course issuer bid to purchase up to 34,605,494 Class A Limited Voting Shares (“Class A Shares”), representing approximately 10% of the public float of Brookfield Asset Management’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 January 11, 2024 to January 10, 2025, or an earlier date should Brookfield Asset Management complete its purchases. Brookfield Asset Management 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 December 31, 2023, the number of Class A Shares issued and outstanding totaled 413,026,253 of which 346,054,943 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 203,206 Class A Shares, which is 25% of 812,827 (the average daily trading volume for Class A Shares on the TSX for the six-months ended December 31, 2023).

Of the 31,785,036 Class A Shares approved for purchase under Brookfield Asset Management’s prior normal course issuer bid that commenced on January 11, 2023 and will expire on January 10, 2024, Brookfield Asset Management purchased 7,250,707 Class A Shares as of December 31, 2023; 822,100 Class A Shares through open market purchases on the TSX and 6,428,607 Class A Shares through open market purchases on the NYSE and/or alternative trading systems. The weighted average price that Brookfield paid per Class A Share acquired under this bid was US$33.43.

Brookfield Asset Management 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 Asset Management believes that, in such circumstances, the outstanding Class A Shares represent an attractive investment for Brookfield Asset Management, 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 Asset Management under this bid will be cancelled and/or purchased by a non-independent trustee pursuant to the terms of Brookfield Asset Management’s long-term incentive plans.