Key Developments: Brookfield Asset Management Inc (BAM)

BAM on New York Consolidated

47.55USD
17 Sep 2014
Price Change (% chg)

$0.58 (+1.23%)
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Latest Key Developments (Source: Significant Developments)

Vale SA In Talks With Consortium Led By Brookfield Asset Management Inc's Subsidiary To Sell 26% Stake In VLI SA
Wednesday, 18 Sep 2013 11:16am EDT 

Vale SA announced that it is in exclusive talks with a consortium led by Brookfield Brasil Ltda, a subsidiary of Brookfield Asset Management Inc, for the sale of approximately 26% stake in the share capital of its subsidiary, VLI SA.  Full Article

Brookfield Asset Management Inc Declares Quarterly Dividend
Friday, 9 Aug 2013 06:01am EDT 

Brookfield Asset Management Inc announced that the Board of Directors declared a quarterly dividend of USD0.15 per share (representing USD0.60 per annum), payable on November 30, 2013, to shareholders of record as at the close of business on November 1, 2013.  Full Article

Brookfield Asset Management Inc Closes Sale of Longview Timber and Longview Fibre Paper and Packaging
Tuesday, 23 Jul 2013 01:25pm EDT 

Brookfield Asset Management Inc announced that it closed the previously disclosed sales of Longview Timber and Longview Fibre Paper and Packaging in two separate transactions for aggregate proceeds of $3.675 billion. Brookfield sold Longview Timber to Weyerhaeuser Co. for $2.65 billion. After repayment of debt and distribution of proceeds to both Brookfield private fund investors and Brookfield Infrastructure Partners, net cash proceeds to Brookfield were approximately $600 million. Separately, Brookfield closed the sale of Longview Fibre Paper and Packaging to KapStone Paper and Packaging for $1.025 billion. After repayment of debt and distribution of proceeds to Brookfield private fund investors, Brookfield received approximately $250 million in net cash proceeds. The closing of these two transactions increased Brookfield's liquidity by approximately $850 million and resulted in an attractive risk-adjusted return on capital to Brookfield, its flagship public infrastructure entity and investors in Brookfield's private funds.  Full Article

Brookfield Asset Management Inc Announces Automatic Purchase Plan
Tuesday, 9 Jul 2013 07:55am EDT 

Brookfield Asset Management Inc announced that, in connection with its previously announced normal course issuer bid program, it will enter into an automatic purchase plan with its designated broker to allow for purchases of its Class A Limited Voting Shares 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, shares will be repurchased in accordance with management's discretion, subject to applicable law. Under its normal course issuer bid which expires on April 22, 2014, Brookfield may purchase up to 53,571,157 Class A Limited Voting Shares. Purchases under the bid can be made through the facilities of the Toronto Stock Exchange (the TSX), the New York Stock Exchange and any other applicable stock exchange. In accordance with the rules of the TSX, any daily purchases on the TSX under this bid (other than pursuant to a block purchase exemption) will be limited to 195,080 Class A Limited Voting Shares  Full Article

Brookfield Asset Management Inc Sells Longview Timber and Longviedw Fibre Paper and Packaging for $3.675 Billion
Sunday, 16 Jun 2013 01:00pm EDT 

Brookfield Asset Management Inc announced that it has agreed to sell both Longview Timber and Longview Fibre Paper and Packaging in two separate transactions for aggregate proceeds of $3.675 billion. Brookfield has agreed to sell 100% of Longview Timber to Weyerhaeuser Co. for $2.65 billion including the assumption of debt. Longview Timber consists of approximately 645,000 acres of high quality timberlands in the U.S. Pacific Northwest and is held through a Brookfield managed global timber fund in which Brookfield is an investor alongside Brookfield Infrastructure Partners and private institutional investors. After repayment of debt and distribution of proceeds to private fund investors, net cash proceeds to Brookfield will be approximately $600 million, on account of its investment. In addition, Brookfield Infrastructure will receive net proceeds of approximately $470 million. Brookfield also agreed this week to sell Longview Fibre Paper and Packaging to KapStone Paper and Packaging for $1.025 billion. Longview Fibre Paper and Packaging operates a large integrated paper mill at Longview Washington and seven container plants in the U.S. Pacific Northwest, producing Kraft paper, container board and corrugated boxes, and is held through a Brookfield managed private equity fund. After repayment of debt and distribution of proceeds to the other investors in the fund, net cash proceeds to Brookfield will be approximately $250 million.  Full Article

Brookfield Asset Management Inc's Private Equity Group Acquires Canadian Cold Storage Business
Monday, 3 Jun 2013 05:05pm EDT 

Brookfield Asset Management Inc's Brookfield Capital Partners III announced that it has completed the acquisition of the Canadian logistics operations of Millard Refrigerated Services, launching a leading national cold storage company, Brookfield Cold Storage.  Full Article

Brookfield Asset Management Inc Announces Exercise of Underwriters' Option
Tuesday, 28 May 2013 05:19pm EDT 

Brookfield Asset Management Inc announced that, in connection with its recently-announced public offering of 6,000,000 4.90% perpetual Class A Preference Shares, Series 37 (the Preferred Shares), the underwriters have exercised their option (the Underwriters' Option) to purchase an additional 2,000,000 Preferred Shares at a price of CAD25.00 per share. Brookfield will receive additional gross proceeds of CAD50,000,000 from the exercise of the Underwriters' Option, increasing the total size of the offering to CAD200,000,000. Closing of the Underwriters' Option is expected to occur concurrent with the closing of the public offering on or about June 13, 2013. Subject to fulfilling the listing requirements of the Toronto Stock Exchange, the Preferred Shares will begin trading on the TSX under the symbol BAM.PF.D upon closing of the offering.  Full Article

Brookfield Asset Management Inc To Issue CAD150 Million Of 4.9% Preferred Shares And Redeem Class A Preference Shares, Series 21
Tuesday, 28 May 2013 08:40am EDT 

Brookfield Asset Management Inc announced that it has agreed to issue 6,000,000 4.9% perpetual Class A Preference Shares, Series 37 on a bought deal basis to a syndicate of underwriters led by CIBC, RBC Capital Markets, Scotiabank and TD Securities for distribution to the public. The Preferred Shares, Series 37 will be issued at a price of CAD25.00 per share, for aggregate gross proceeds of CAD150,000,000. Brookfield has granted the underwriters an option, exercisable until 48 hours prior to closing, to purchase up to an additional 2,000,000 Preferred Shares, Series 37 which, if exercised, would increase the gross offering size to CAD200,000,000. The Preferred Shares, Series 37 will be offered in all provinces of Canada by way of a supplement to Brookfield Asset Management's existing short form base shelf prospectus dated June 7, 2011 as amended on June 13, 2012 and December 10, 2012. The Preferred Shares, Series 37 may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act. Brookfield also announced its intention to redeem all of its outstanding Class A Preference Shares, Series 21 for cash on June 30, 2013. The redemption price for each share will be CAD25.00. The offering of Preferred Shares, Series 37 is expected to close on or about June 13, 2013.  Full Article

Brookfield Asset Management Inc Declares Quarterly Dividend
Thursday, 9 May 2013 08:02am EDT 

Brookfield Asset Management Inc announced that Board of Directors declared a quarterly dividend of $0.15 per share (representing $0.60 per annum), payable on August 31, 2013, to shareholders of record as at the close of business on August 1, 2013. The Board also declared all of the regular monthly and quarterly dividends on its preferred shares.  Full Article

Brookfield Asset Management Inc Announces Normal Course Issuer Bid
Friday, 19 Apr 2013 07:45am EDT 

Brookfield Asset Management Inc announced that it has received approval from the Toronto Stock Exchange (TSX) for proposed normal course issuer bid to purchase up to 53,571,157 Class A Limited Voting Shares, representing 10% of the public float of Brookfield's outstanding Class A Limited Voting Shares. Purchases under the bid will be made through the facilities of the TSX, the New York Stock Exchange (NYSE) and any other applicable stock exchange. The period of the normal course issuer bid will extend from April 23, 2013 to April 22, 2014, or an earlier date should Brookfield complete purchases. Brookfield will pay the market price at the time of acquisition for any Class A Limited Voting Shares purchased. All Class A Limited Voting Shares acquired by Brookfield under this bid will be cancelled. Under current normal course issuer bid that commenced on April 23, 2012 and expires on April 22, 2013, Brookfield purchased 2,004,122 Class A Limited Voting Shares at an average price of USD36.26 per share through open market purchases on the NYSE. Brookfield Asset Management Inc. is a global alternative asset manager with over $175 billion in assets under management.  Full Article

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