Shareholders to Vote at a Special Meeting to be held on November 9, 2022
BROOKFIELD, NEWS, Sept. 23, 2022 (GLOBE NEWSWIRE) — Brookfield (NYSE: BAM, TSX: BAM.A) (“Brookfield”) today announced that its Board of Directors has unanimously approved the transaction for the public listing and distribution of a 25% interest in its asset management business, through Brookfield Asset Management Ltd. (the “Manager”). Pursuant to this approval, Brookfield has entered into an arrangement agreement (the “Arrangement Agreement”) in connection with the implementation of the transaction.
The transaction will result in the division of Brookfield into two publicly traded companies – the Corporation (Brookfield Asset Management Inc. will be renamed “Brookfield Corporation”) and the Manager – with the holders of Brookfield’s class A limited voting shares (“Class A Shares”), class B limited voting shares and Series 8 and 9 class A preference shares (collectively, “Shareholders”) becoming shareholders of the Manager on completion (the “Arrangement”). The transaction will enable Shareholders to access a leading pure-play global alternative asset management business, through the Manager. Brookfield Corporation will continue focusing on deploying capital across its operating businesses, growing its cash flows and compounding that capital over the long term.
A special meeting of Shareholders has been called for November 9, 2022 (the “Meeting”) and Shareholders of record as of the close of business on October 3, 2022 will be entitled to vote at the Meeting. The Board of Directors of Brookfield unanimously recommends that Shareholders vote in favor of the resolution approving the Arrangement, as well as the related matters to be approved at the Meeting.
A copy of the Arrangement Agreement will be available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Key Highlights
Following completion of the Arrangement and related transactions:
Brookfield Corporation and the Manager will respectively own 75% and 25% of our asset management business;
the Class A Shares of the Corporation are expected to trade on the New York Stock Exchange (the “NYSE”) and the Toronto Stock Exchange (the “TSX”) under the new ticker symbol “BN”;
the Manager’s class A limited voting shares (“Manager Class A Shares”) are expected to trade on the NYSE and TSX under the ticker symbol “BAM”;
the Arrangement will generally occur on a tax-deferred basis for Brookfield Corporation and shareholders resident in Canada and U.S.;
each holder of Class A Shares will receive 1 Manager Class A Share for every 4 Class A Shares held;
each holder of Series 8 and 9 class A preference shares will receive a fraction of a Manager Class A Share and a new Brookfield Corporation class A preference share for every Series 8 or 9 preference share held; and
Brookfield Corporation, the Manager and certain of their affiliates will enter into agreements designed to enable them to preserve mutual benefits and competitive advantages.
Approvals
The Arrangement is subject to the satisfaction of certain conditions, including Shareholder approval at the Meeting, approval of the Ontario Superior Court of Justice, NYSE and TSX listing approvals, and other customary regulatory approvals. Brookfield intends to apply to obtain an interim order from the Ontario Superior Court of Justice on September 28, 2022, and thereafter hold the Meeting on November 9, 2022, to approve the Arrangement and related matters. The Management Information Circular in connection with the Meeting will be finalized and mailed shortly and will also be available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
About Brookfield
Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A) is a leading global alternative asset manager with over $750 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.
For more information, please visit our website at www.brookfield.com or contact:
Kerrie McHugh Communications & Media
Tel: (212) 618-3469
Email: kerrie.mchugh@brookfield.com
Linda Northwood Investor Relations
Tel: (416) 359-8647
Email: linda.northwood@brookfield.com
Forward Looking Statements
Information in this press release that is not a historical fact is “forward-looking information”. This press release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” 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. 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. Forward-looking statements reflect current estimates, beliefs and assumptions, which are based on Brookfield’s perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Brookfield’s estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Brookfield can give no assurance that such estimates, beliefs and assumptions will prove to be correct.
This press release contains forward-looking statements concerning Brookfield’s beliefs on certain benefits of the Arrangement and the anticipated tax treatment of the proposed transaction for Brookfield and its shareholders resident in Canada and the United States.
Factors that could cause actual results, performance, achievements or events to differ from current expectations include, among others, risks and uncertainties related to: obtaining approvals, rulings, court orders and consents, or satisfying other requirements, necessary or desirable to permit or facilitate completion of the Arrangement (including regulatory and shareholder approvals); future factors that may arise making it inadvisable to proceed with, or advisable to delay, all or part of the Arrangement; the potential for significant tax liability for a violation of the tax-deferred spinoff rules; the potential benefits of the Arrangement; and business cycles, including general economic conditions.
Certain risks and uncertainties specific to the proposed Arrangement, Brookfield, and the Manager, will be further described in the management information circular to be mailed to Shareholders in advance of the Meeting. Other factors, risks and uncertainties not presently known to Brookfield or that Brookfield currently believes are not material could also cause actual results or events to differ materially from those expressed or implied by statements containing forward-looking information. Readers are cautioned not to place undue reliance on statements containing forward-looking information that are included in this press release, which are made as of the date of this press release, and not to use such information for anything other than their intended purpose. Brookfield disclaims any obligation or intention to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
Related Quotes
Bank of America analyst Curtis Nagle initiated coverage of Etsy stock with a neutral (hold) rating, while issuing a price target of $120. The analyst thinks Etsy will return to high-single-digit revenue growth late in 2023, but cited the difficult macroeconomic situation and tough comps as headwinds in the near term. As such, he remains cautious about the prospect that Etsy will be able to reaccelerate its growth anytime soon.
Shares of sports streaming service fuboTV (NYSE: FUBO) were up on Friday in sharp contrast to the broad decline of the stock market. As of 12:50 p.m. ET, fuboTV stock was up 4% but it had been up as much as 10% earlier in the session. Analyst Michael Pachter of Wedbush believes that fuboTV stock can beat the market from here and he accordingly upgraded the stock, according to The Fly.
Huron Consulting and Toll have been highlighted as Zacks Bull and Bear of the Day.
(Bloomberg) — Brookfield Asset Management Inc. will infuse more than $2 billion into Indian renewable projects to tap the booming clean energy investment opportunity in the fossil fuel-driven economy.Most Read from BloombergJapan to Restore Visa-Free Travel From Oct. 11 as Covid Pandemic Recedes South Korea President Caught on Hot Mic Insulting US CongressPutin's Order for 300,000 Fighters Drives Russians to the Streets in ProtestUkraine Seizes Dozens of Russian Tanks Left by Fleeing ForcesA Gr
One of the frustrations of investing is when a stock goes down. But when the market is down, you're bound to have some…
India's Byju's has paid 19 billion rupees ($234 million) to Blackstone Inc, settling its dues owed to the private-equity firm as part of a $950 million deal to buy Aakash Educational, a source directly involved with the deal said on Friday. The payment made on Thursday was for a stake of about 38% owned by Blackstone in the learning center chain that Byju's acquired in April 2021. While closing the deal, Byju's had paid all of Aakash's shareholders, except Blackstone as the PE firm had agreed on deferred payment, the source said.
By selling US$660k worth of American Tower Corporation ( NYSE:AMT ) stock at an average sell price of US$236 over the…
American Tower's (AMT) recent dividend hike portrays the company's operational strength and commitment to rewarding its shareholders handsomely.
The Walt Disney Co. is looking at technology that could change the way 3D or virtual-reality/augmented-reality attractions work. The theme park giant (NYSE: DIS), which owns Walt Disney World in Orlando, filed a patent for "Visual Effect System including Perspective – Correct Autostereoscopic Retroreflective Projection" that appears to look at ways to eliminate the headset/glasses portion of attractions that use 3D, virtual-reality or augmented-reality features. The technology describes the use of a projections system and other screen systems to create three-dimensional images for viewers without any additional wearable technology.
Investors are worried that the company could see a slowdown with the economy, mitigating optimism about a new acquisition.
"The bar is in my hands now. You're all being terminated. If you find this unfair, you can re-interview with me."View Entire Post ›
In this article, we will take a look at the 10 Best Canadian Stocks to Buy. To skip our analysis of the iShares MSCI Canada ETF, its performance, and weighting of the components, you can go directly to see the 5 Best Canadian Stocks to Buy. An Exchange Traded Fund (ETF) is a type of […]
Electric vehicle maker Fisker Inc (NYSE: FSR) plans to start selling its Ocean electric sport-utility vehicle (SUV) in India from July 2023. CEO Henrik Fisker said the company would begin manufacturing cars locally in India in a few years, Reuters reported. The CEO believes EV sales in India could pick up pace by 2025 – 2026. The Ocean, priced at $37,500 in the U.S., could prove costly to import to India due to additional logistics and a 100% import tax. Fisker's rival Tesla Inc (NASDAQ: TSLA),
You have just a few weeks to pounce on Treasury I bonds' sky-high interest rate. Also called Series I savings bonds, their interest rate is 9.62%.
Homeowners beware. But don't panic, either.
And what it means for your wealth-building options.
In this article, we will look at the 4 stocks billionaire Leon Cooperman is talking about right now. If you want to skip reading about Leon Cooperman, his investment career, and his stock-picking strategy, you can go directly to Billionaire Leon Cooperman is Talking About These 2 Stocks. Leon Cooperman’s Investment Career Leon Cooperman is […]
The shipping company has developed a reputation as one of the best dividend stocks around
“We printed up too much money, and just thought the party would never end,” Icahn said, adding that with the Fed raising rates to fight inflation, "the party's over."
The hedge fund legend has spoken. Pay attention.