TORONTO, Dec. 2, 2022 /CNW/ - Brookfield Asset Management Inc. (TSX: BAM) and Brookfield Asset Management Reinsurance Partners CL A Exchangeable (TSX: BAMR) will spinoff its asset management business to shareholders at a ratio of 1 share of Spinco for every 4 Class A shares. Immediately post spinoff, Brookfield Asset Management will be renamed as Brookfield Corporation and trade under the new ticker symbol BN. Shares are expected to commence trading December 12, 2022. The Spinco will assume the ticker BAM and name Brookfield Asset Management. SPDJI will treat this as a zero price spinoff.
The distributed shares of new Brookfield Asset Management on the TSX, will be added at zero price to all indices where Brookfield Asset Management is a constituent effective at the open of trading on Monday, December 12, 2022. Additionally, effective on the open of December 13, 2022 for index purposes, new BAM will be combined with the shares resulting from the BAMR distribution. As a result, new Brookfield Asset Management Inc. will have a share increase to 421,279,250 with an unchanging IWF of 0.87.
As a result of the distribution the S&P/TSX 60 Index will have 61 constituents on December 12, 2022 until the close. At which point, in order to maintain the fixed count and minimize excess turnover, the smallest current constituent, SNC - Lavalin Group Inc (TSX: SNC) will be removed prior to the open of trading on Tuesday, December 13, 2022..
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