CPE News (3/18/2021) – Brookfield Asset Management Inc. (TSX: BAM.A; NYSE: BAM) disclosed today that between March 1, 2021 and March 18, 2021, Brookfield, including certain of its controlled affiliates, disposed of, in aggregate, 2,443,321 common shares in the capital of West Fraser Timber Co. Ltd. (TSX/NYSE: WFG) on the Toronto Stock Exchange (TSX) in open market sales for aggregate cash consideration of $207,452,839, at prices between $80.00-$88.66 per West Fraser share.
Brookfield has previously disposed of 2,667,011 West Fraser shares on the TSX in open market sales for aggregate cash consideration of approximately $229,499,413, at prices between $83.00-$91.51 per West Fraser share between February 17, 2021 and February 26, 2021.
Following the closing of new sales, Brookfield will continue to hold 18,371,252 West Fraser shares, representing approximately 15.2% of the issued and outstanding West Fraser shares.
Brookfield remains as the single largest shareholders of common shares.
Brookfield acquired the ownership of 23,481,584 West Fraser shares (representing approximately 19.4% of the West Fraser shares then outstanding) as a result of West Fraser’s acquisition of Brookfield controlled Norbord Inc. on February 1. Brookfield priorly owned no shares in West Fraser.
As of March 2, 2021, West Fraser Timber had 120,924,008 common shares and 2,281,478 Class B shares were issued each carrying the right to one vote. Our Class B shares are equal in all respects to common shares and are exchangeable on a one for one basis for common shares. Certain circumstances or corporate transactions may require the approval of the holders of Common shares and Class B Shares on a separate class by class basis. Ketcham Investments, Inc., controlled by the family of Henry H. Ketcham, and Tysa Investments, Inc., controlled by William P. Ketcham, own 76.4% and 14.6% of the Class B shares.
Founded in 1955 when three brothers – Sam, Bill and Pete Ketcham, Vancouver based West Fraser is a diversified wood products company producing lumber, LVL, MDF, plywood, pulp, newsprint, wood chips, other residuals, and energy with facilities in western Canada and the southern United States.
photo credit: West Fraser
News Release
Early Warning Release
All amounts in Canadian dollars unless otherwise stated.
BROOKFIELD, NEWS, March 18, 2021 (GLOBE NEWSWIRE) — Brookfield Asset Management Inc. (“Brookfield”) (TSX: BAM.A; NYSE: BAM) reports that between March 1, 2021 and March 18, 2021 Brookfield, including certain of its controlled affiliates, has disposed of, in aggregate, 2,443,321 common shares (the “West Fraser Shares”) in the capital of West Fraser Timber Co. Ltd. (“West Fraser”) on the Toronto Stock Exchange in open market sales for aggregate cash consideration of $207,452,839, at prices between $80.00 per West Fraser Share and $88.66 per West Fraser Share (the “Transactions”).
Prior to giving effect to the Transactions, Brookfield held an aggregate of 20,814,573 West Fraser Shares (representing approximately 17.2% of the West Fraser Shares currently outstanding). Following the Transactions, Brookfield held an aggregate of 18,371,252 West Fraser Shares, representing approximately 15.2% of the issued and outstanding West Fraser Shares, a decrease of approximately 2.0%.
This press release is being issued in accordance with the early warning reporting requirements prescribed by National Instrument 62-103. An Early Warning Report with additional information in respect of the foregoing matters will be filed for Brookfield. A copy of such report may be obtained from the SEDAR profile of West Fraser at www.sedar.com.
Brookfield holds the West Fraser Shares for investment purposes. From time to time, Brookfield will review its holdings of West Fraser Shares and, depending on market conditions, general economic conditions and industry conditions, the trading price of the West Fraser Shares, West Fraser’s business and financial condition and prospects and/or other relevant factors, may increase or decrease its investment in the West Fraser Shares in open market or in privately negotiated transactions with one or more persons.
West Fraser’s head office is located at 501- 858 Beatty Street, Vancouver, British Columbia, V6B 1C1.
Brookfield Asset Management Inc. is a leading global alternative asset manager with US$600 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit. Brookfield owns and operates longlife assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world— including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.
Brookfield Asset Management is listed on the New York and Toronto stock exchanges under the symbol BAM and BAM.A respectively.
For more information, please visit our website at www.brookfield.com or contact:
Media:
Claire Holland
Vice President, Branding & Communications
Tel: (416) 369-8236
Email: claire.holland@brookfield.com
Investor Relations
Linda Northwood
Director, Investor Relations
Tel: (416) 359-8647
Email: linda.northwood@brookfield.com