Brascan Corporation Announces Normal Course Issuer Bid.TORONTO -- Brascan Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BNN BNN Boston Neighborhood Network BNN Boundary Network Node (IBM) BNN Back-Propagation Neural Network BNN Biological Neural Network BNN Bart's Neverending Network (public-service TV network in The Netherlands) )(NYSE NYSE See: New York Stock Exchange :BNN) today announced that it has received approval from the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. for its proposed normal course issuer bid to purchase up to 21,000,000 Class A Limited Voting Shares ("Class A Shares"), representing approximately 10% of the public float of the company's outstanding Class A Shares. Purchases pursuant to the bid will be made through the facilities of the Toronto Stock Exchange and the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . The period of the normal course issuer bid will extend from April 21, 2005 to April 20, 2006, or an earlier date should Brascan complete its purchases. Brascan will pay the market price at the time of acquisition for any Class A Shares purchased through the facilities of the Exchanges. All Class A Shares acquired by Brascan under this bid will be cancelled. As at April 12, 2005, the number of Class A shares issued and outstanding totalled approximately 259.7 million. Under its current normal course issuer bid that commenced on April 21, 2004 and expires on April 20, 2005, Brascan has purchased 417,695 Class A Shares through open market purchases on the Toronto Stock Exchange and the New York Stock Exchange at an average price per shares of C$42.80. Brascan maintains an issuer bid because it believes that, from time to time, the market price of its Class A Shares may not fully reflect the underlying value of its business and its future business prospects. The company believes that, in such circumstances, the outstanding Class A Shares represent an attractive investment for Brascan, since a portion of the company's excess cash generated on an annual basis can be invested for an attractive risk adjusted return on capital Risk adjusted return on capital (RAROC) is a risk based profitability measurement framework for analysing risk-adjusted financial performance and providing a consistent view of profitability across businesses. through the issuer bid. Brascan Corporation is an asset management company. With a focus on property, power and other infrastructure assets, the company has direct investments of $20 billion and a further $7 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . This includes 70 premier office properties and over 120 power generating plants. The company is listed on the New York and Toronto stock exchanges under the symbol BNN. For more information, please visit our web site at www.brascancorp.com. Brascan Corporation (TSX:BNN) (NYSE:BNN) |
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