01—Abstract
Summary
Summary of the 6-K filed January 10, 2025. Cited figures are marked; the original filing is the authoritative source.
Brookfield Asset Management Ltd. (NYSE/TSX: BAM) announced on January 9, 2025 that it received approval to renew its normal course issuer bid (NCIB), which allows it to repurchase up to 37,123,295 Class A Limited Voting Shares, about 10%a of its public float.
The bid runs from January 13, 2025 to January 12, 2026, or until purchases are completed. Purchases will be made at market prices on the NYSE, TSX, and/or alternative trading systems. The renewal gives the company the option to buy back stock when it fits its investment and capital allocation strategy.
It is not a commitment to repurchase. The filing provides capacity and context but no size of purchases. As of December 31, 2024, there were 443,135,746 Class A Shares outstanding, of which 371,232,957 were in the public float.
The daily TSX purchase cap is 251,030 shares, or 25%b of the six-month average daily TSX volume of 1,004,122 shares. BAM made no purchases under its prior NCIB, which covered 34,605,494 shares and expired January 10, 2025, as of January 6, 2025. Repurchased shares will be cancelled or may be bought by a non-independent trustee to satisfy long-term incentive plan obligations, so some buybacks may be tied to employee compensation rather than pure capital return.
BAM also entered an automatic purchase plan, which lets it buy shares during periods when it would normally be restricted by internal blackout windows or insider trading rules, subject to set trading parameters. For investors, the key points are that the bid is discretionary, has a fixed daily volume limit, and reflects management's view that the shares may be attractively priced.
The filing is a Form 6-K, a foreign private issuer report, not an 8-K as the request described. Note that the bid period has since ended under its stated terms, so any actual repurchase activity should be checked in later company disclosures.
02—Key points
Key Highlights
- BAM received approval to renew its NCIB, allowing repurchase of up to 37,123,295 Class A Shares, about 10% of the public float, from January 13, 2025 to January 12, 2026.
- As of December 31, 2024, 443,135,746 Class A Shares were outstanding, including 371,232,957 in the public float.
- The maximum daily TSX purchase is 251,030 shares, set at 25% of the 1,004,122-share average daily TSX volume over the six months ended December 31, 2024.
- BAM made no repurchases under its prior NCIB (34,605,494 shares approved, expiring January 10, 2025) as of January 6, 2025.
- An automatic purchase plan permits buybacks during internal blackout periods, subject to specified trading parameters.
- Repurchased shares will be cancelled or may be purchased by a non-independent trustee for long-term incentive plan obligations.
- The renewal is discretionary and does not commit BAM to buy any shares; the filing gives no target repurchase amount.
03—Questions
Frequently Asked Questions
How many shares can Brookfield Asset Management repurchase under the renewed bid?
Up to 37,123,295 Class A Limited Voting Shares, which the company describes as about 10% of its public float.
When does the renewed normal course issuer bid run?
From January 13, 2025 to January 12, 2026, or until an earlier date if the company completes its purchases.
Is Brookfield required to buy back these shares?
No. The bid gives BAM the option to repurchase shares where it fits its investment and capital allocation strategies, and the filing sets no minimum purchase amount.
What is the daily purchase limit on the TSX?
251,030 Class A Shares per day, which equals 25% of the average daily TSX trading volume of 1,004,122 shares over the six months ended December 31, 2024.
What happens to the shares BAM repurchases?
They will be cancelled and/or purchased by a non-independent trustee to meet obligations under the company's long-term incentive plans.
04—Continue