TORONTO, JUNE 16, 2008 – Brookfield Asset Management Inc. (NYSE/TSX:
BAM) announced today that it has agreed to issue to a syndicate of
underwriters led by RBC Capital Markets and Scotia Capital Inc. for
distribution to the public 6 million 5% Preferred Shares, Series 21.
The Preferred Shares, Series 21 will be issued at a price of C$25.00
per share, for aggregate gross proceeds of C$150 million.
Brookfield Asset Management Inc. has granted the underwriters an
over-allotment option, exercisable in whole or in part prior to closing,
to purchase an additional 1 million Preferred Shares, Series 21 at
the same offering price. The Preferred Shares will be offered by way
of prospectus supplement under the short form base shelf prospectus
of Brookfield Asset Management Inc. dated November 6, 2006 and amended
by Amendment No. 1 on November 1, 2007. The prospectus supplement
will be filed with securities regulatory authorities in all provinces
of Canada.
The net proceeds of the issue will be added to the general funds
of Brookfield Asset Management Inc. and be used for general corporate
purposes. The offering is expected to close on or about June 25, 2008.
The preferred shares 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 Asset Management Inc., focused on property, power and
infrastructure assets, has approximately
$95 billion of assets under management and
is co-listed on the New York and Toronto
Stock Exchanges under the symbol BAM and
on Euronext under the symbol BAMA. For more
information, please visit our web site at www.brookfield.com or
contact:
Denis Couture
SVP, Investor Relations and Corporate and
International Affairs
Brookfield Asset Management
Tel.: (416) 956-5189
Fax.: (416) 363-2856
dcouture@brookfield.com
Note: This press release contains forward-looking information within
the meaning of Canadian provincial securities laws and other “forward-looking
statements” within the meaning of Section 27A of the U.S. Securities
Act of 1933, as amended, Section 21E of the U.S. Securities Exchange
Act of 1934, as amended, “safe harbor” provisions of the
United States Private Securities Litigation Reform Act of 1995 and
in any applicable Canadian securities regulations. The words, “expand”, “growing”, “integrating”, “advancing”, “execute”, “continue”, “should,” “believe”,
deviations thereof, and other expressions which are predictions of
or indicate future events, trends or prospects and which do not relate
to historical matters identify forward-looking statements. Forward
looking statements in this press release include statements in regards
to organically growing our operations, integrating recent initiatives,
advancing key projects, our ability to execute our business strategy
and to continue to meet our long-term cash flow growth objectives,
the ability of assets purchased since the first quarter of 2007 to
generate increasing cash flows over an extended period of time and
the value appreciation potential. Although Brookfield Asset Management
believes that the company’s anticipated future results, performance
or achievements expressed or implied of
such assets 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 which may cause the actual results, performance or achievements
of the company 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: economic and financial conditions
in the countries in which we do business; the behaviour of financial
markets, including fluctuations in interest and exchange rates; market
demand for an infrastructure company, which is unknown; ability to
compete for new acquisitions in the competitive infrastructure space;
availability of equity and debt financing; strategic actions including
dispositions; the ability to effectively integrate acquisitions into
existing operations and the ability to attain expected benefits; the
company’s continued
ability to attract institutional partners
to its Specialty Investment Funds; adverse hydrology conditions; regulatory
and political factors within the countries in which the company operates;
acts of God, such as earthquakes and hurricanes; the possible impact
of international conflicts and other developments including terrorist
acts; and other risks and factors detailed from time to time in the
company’s
form 40-F filed with the Securities and
Exchange Commission as well as other documents filed by the company
with the securities regulators in Canada and the United States included
in the Annual Information Form under the heading “Business Environment
and Risks”.
We caution that the foregoing list of important
factors that may affect future results
is not exhaustive. When relying on our
forward-looking statements to make decisions with respect to Brookfield
Asset Management, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. Except
as required by law, the company 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.
When relying on our forward-looking
statements to make decisions with respect
to Brookfield Asset Management Inc., investors and others should carefully
consider the risks and factors detailed from time to time in the company's
form 40-F filed with the Securities and Exchange Commission as well
as other documents filed by the company with the securities regulators
in Canada and the United States including in the Annual Information
Form under the heading "Business Environment and Risks" and other uncertainties
and potential events. The company 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.
