Exchange Bulletin
Brookfield Asset Management Ltd. (NBAM) To Trade On Toronto Stock Exchange
November 29, 2022
| Issuer: | Brookfield Asset Management Ltd. ("New Brookfield") |
| Security: | Class A Limited Voting Shares ("New Brookfield Class A Shares") |
| Symbol: | NBAM |
| When Issued Market - Original Listing: | The Class A Shares of New Brookfield will be posted for trading on a "when issued" basis at the opening on December 1, 2022. |
| Number of securities issued and outstanding: | Up to 402,725,500 |
| Number of securities reserved for issuance: | Up to 41,000,000 |
| Listing category: | Industrial, Exempt |
| Trading currency: | CDN$ |
| Transaction: | As described in today's Toronto Stock Exchange ("TSX") Bulletin regarding Brookfield Asset Management Inc. ("Brookfield") (Symbol: BAM.A), holders of Class A Limited Voting Shares of Brookfield (the "Brookfield Class A Shares") of record as of the close of business on December 2, 2022 (the "Record Date") will receive 0.25 of a New Brookfield Class A Share for each Brookfield Class A Share held pursuant to a plan of arrangement (the "Arrangement"). |
| Posted for trading date: | December 1, 2022 (at the opening) on a "when issued" basis. |
| Payable date: | December 9, 2022 Holders of Brookfield Class A Shares need not take any action in order to receive the New Brookfield Class A Shares to which they are entitled. |
| Other markets: | The New Brookfield Class A Shares will be concurrently listed on the New York Stock Exchange ("NYSE") on a "when issued" basis under the symbol "BAM WI". It is anticipated that the New Brookfield Class A Shares will commence trading on a regular basis on the NYSE under the symbol "BAM" at the opening on December 12, 2022. |
| Designated market maker: | Citadel Securities Canada ULC |
| Investor relations: | Monica Thakur Vice President, Finance, Brookfield Asset Management Inc. 416-369-2547 monica.thakur@brookfield.com |
| Incorporation: | Business Corporations Act (British Columbia) |
| Fiscal year end: | December 31 |
| Nature of business: | New Brookfield was established by Brookfield to become a company through which investors can directly access its pure-play global alternative asset management business currently carried on by Brookfield. |
| Transfer agent and registrar: | TSX Trust Company at its principal office in Montreal. |
| Dividends: | It is currently expected that New Brookfield will commence paying dividends in the first quarter of 2023 to its shareholders on a quarterly basis equal to approximately 90% of its Distributable Earnings in the preceding quarter. |
| Sponsorship: | Not applicable |
| Settlement of When Issued trading: | Subject to the Arrangement becoming effective as anticipated on December 9, 2022, all trades in the when issued market from and including December 1, 2022 (at the opening) to and including December 9, 2022 (at the close) will be for special settlement on December 14, 2022 and will appear on the Settlement Report from CDS Clearing and Depository Services Inc. Parties who hold Brookfield Class A Shares (or who are entitled to receive Brookfield Class A Shares under a legally binding unconditional contract) on the record date may sell, in the when issued market, New Brookfield Class A Shares, up to the number of New Brookfield Class A Shares they would receive upon the completion of the Arrangement, without being subject to restrictions on short sales. TSX will not be liable directly or indirectly for any loss attributable to the exercise of any of its above-described rights or to the cancellation, settlement or failed settlement of any trade or trades made in the New Brookfield Class A Shares. |
| Termination of When Issued trading: | If the Arrangement becomes effective on December 9, 2022, as is currently anticipated, then: (i) on December 9, 2022 (at the close), trading of the New Brookfield Class A Shares on a "when issued" basis will terminate; and (ii) on December 12, 2022 (at the opening) the New Brookfield Class A Shares will commence trading on a regular basis under the current name "Brookfield Asset Management Ltd.", and the new stock symbol "BAM". If the Arrangement does not become effective, all trades in the New Brookfield Class A Shares will be cancelled. No securities will be delivered or deliverable and no money will be owed by purchasers to sellers. |
| Disclosure documents: | Brookfield's management information circular dated September 30, 2022 (the "Circular") and Brookfield's press release dated November 22, 2022, which are available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the Circular. |
| Additional information: | See elsewhere in today's TSX Bulletins regarding the distribution of the New Brookfield Class A Shares and "due bill" trading of the Brookfield Class A Shares and the Ex-Distribution Market for Brookfield Corporation. |
| TSX contact: | Selma Thaver, Director, TSX Listings. |