附錄99.1
表格51-102F3
重大變動報告
| 項目1 | 公司名稱和地址 |
brookfield corporation（BN”)
181 Bay Street，Suite 100
優質的商業地點
安大略省多倫多市
M5J 2T3
| 項目2 | 資料變更日期 |
2024年10月31日
| 項目3 | 新聞公告 |
有關的聯合新聞稿 重大變更由 BN 和布魯克菲爾德資產管理有限公司發布（」巴姆」) 於二零二四年十月三十一日至 全球新聞網的設施。聯合新聞稿的副本隨後在電子數據分析系統上提交。 檢索 + (」塞達爾 +」）在 BN 的個人資料下： 網址：塞達普魯斯網站.
| 項目4 | 重大變更摘要 |
2024年10月31日，BN和BAm達成協議（即「安排」），根據該協議，BAm將擁有並反映100％的資產管理業務，而BN目前持有的資產管理業務的73％股權將間接通過擁有BAm公開交易股份約73％間接持有。安排協議 ])->除BN目前對資產管理業務的73％持有的間接持有權之外，BAm將擁有並反映100％的資產管理業務（即「安排」）
2022年成立BAm有助於簡化BAm的故事，自那時起，BAm的股東基數顯著擴大。該安排將繼續擴大BAM的股東基數，並通過將所有權集中在BAm之下，而不是在BN和BAm之間分散，進一步簡化資產管理公司的結構。這項安排還將導致BAM的市值反映出資產管理業務價值的100％，BAm管理層認為這將使BAM的規模和結構與其美國全球替代資產管理業務的同行保持一致，並使BAm有可能未來被納入一些最廣泛關注的全球大盤股指之一，包括美國。
根據安排條款，布魯克菲爾德資產管理將收購約73%的優先普通股（“”公司”）的布魯克菲爾德資產管理 ULC（“資產管理公司”）自BN及其某些子公司作為這項安排的一部分。布魯克菲爾德資產管理將發行 A類有限投票股份（“所有板塊的A類股份”）給BN，以換取BN及其子公司目前所持有的所有普通股，比例為一對一。作為這項安排的一部分，布魯克菲爾德資產管理的章程還將進行修改，以確保 BN在擁有多數表決權股份期間控制BAm。資產管理公司擁有並運營布魯克菲爾德領先的全球另類資產管理業務。
該安排預計於2025年初結束，需獲得BAm股東和法庭批准以及其他常規的結束條件，包括獲得紐約證券交易所（"NYSE"）和多倫多證券交易所（tsx）的上市批准。紐交所TSX”).
已根據BN在SEDAR+上的檔案，提交了安排協議的副本。 www.sedarplus.ca.
| 項目 5.1 | 物料變更完整說明 |
2024年10月31日，BN和BAm宣布採取措施，以加強BAm的企業架構，並將BAm定位於更廣泛的股指期貨收納中，尤其是在美國境內。作為這項努力的一部分，BAm現在已將其總部遷至紐約。此外，BN和BAm已簽訂協議，根據該協議，BAm將擁有並反映100%的資產管理業務，BN目前對資產管理業務的73%利益將通過間接擁有BAm的約73%公開交易股份來持有。
根據安排的條款，所有板塊將從BN及其部分子公司收購約73%的流通普通股，作為該安排的一部分。 BAm將發行A類股份，以換取BN及其子公司目前持有的所有普通股，比例為一對一。 作為安排的一部分，BAM的章程也將進行修改，確保BN在持有大多數投票股份的情況下長期控制BAm。該資產管理公司擁有並運營Brookfield領先的全球替代資產管理業務。
安排的審查和評估是在董事會的治理和提名委員會（"GNC"）監督下進行的，根據其授權，GNC可審查並監管所有重大提議的相關方交易，以及涉及潛在利益衝突的情況，這些情況不需要根據適用證券法由"獨立特別委員會"處理。董事會的董事會治理和提名委員會（"GNC"）根據其章程進行了BN的檢查和評估，該章程授權GNC，包括審查和監督所有重大提議的相關方交易和涉及潛在利益衝突的情況，這些情況不需要根據適用證券法由"獨立特別委員會"處理。BN（""）的董事會是依據其章程在董事會治理和提名委員會（"GNC"）監督下進行的，根據其章程的授權，GNC除其他事項外，審查並進行監督所有重大提議的相關方交易和涉及潛在利益衝突的情況。董事會"之後的獨立董事：Frank J. McKenna，Diana L. Taylor和Hutham S. Olayan。 GNC的每位成員對於Multilateral Instrument 61-101（""MI 61-101"）而言是BAm的獨立的。 特定交易中對少數安防股東的保護 (“MI 61-101"目的的BAm獨立。”).
GNC經過評估並考慮了安排、安排協議及其他許多因素，一致判斷安排符合BN的最佳利益，並一致建議董事會判斷安排符合BN的最佳利益並批准安排。董事會在主席兼BM和BN的CEO布魯斯·弗拉特先生棄權的情況下，基於GNC的建議等原因，一致（i） 判斷安排符合BN的最佳利益；（ii）確定安排不會對BN或其股東造成不良影響；以及（iii）批准了安排。
安排原因
GNC和董事會分別仔細考慮了與安排有關的多個因素，包括但不限於以下因素。這些因素對BAm有利，也預計將對BN作為BAm的重要股東帶來好處。
| · | 加強企業結構並擴大股東基礎透過建立BAm有助於簡化BAM的故事，自那時起，BAm的股東基礎已大幅擴大。該安排將進一步簡化資產管理業務的結構，使其所有權歸納在BAm之下，而不是在BN和BAm之間分開。該安排還將導致BAM的市值反映出資產管理業務價值的100%，BAm管理層認為這將有助於擴大BAM的股東基礎，並使BAM的規模和結構與位於美國的全球替代資產管理業務同行業者保持一致。 |
| · | 為大盤入場定位 BAM在2023年4月，對BAM被納入一些全球最受關注的大型盤股指數，包括在美國的部分，有了重大障礙的排除指数入場的限制被移除，當標普道瓊斯指數宣布已更新其股份類資格規定，對於決定加入某些指數的公司，有多類股份結構的公司，包括BAm因其A類股和B類股而可能被視為符合資格的候選公司。自從該公告以來，擁有多類股份結構的公司，包括某些與BAM同行的美國全球替代資產管理業務，已被納入標普500指数。BAM管理層認為安排及由此而產生的BAm市值增加，以及其他潛在步驟，將有助於BAm未來可能的指数入場。在BAm管理層看來，指数入場的潛在好處包括：(i) 與美國投資者、分析師和媒體的企業形象增加；(ii) 隨著在美國的指數跟蹤基金顯著增加，股份需求增加；(iii) 更廣泛和多樣化的股東基礎，以及(iv) 更多接觸公共資本市場的機會。 |
| · | 正式估值：KPMG LLP（“畢馬威”），由BAm董事會（“BAm GNCC”）的董事會董事會的獨立估值師進行了正式估值（“BAM 董事會”正式估值”）根據MI 61-101執行，得出結論，截至2024年10月31日，基於畢馬威審計的範圍，並根據正式估值中指出的假設和限制，畢馬威認爲普通股的公允市場價值區間爲46.35至51.67美元/普通股，A類股的公允市場價值區間爲46.43至51.63美元/A類股。正式估值摘要如下。 |
GNC和董事會各自也考慮了以下從安排中預期的對BN產生的直接好處：
| · | 無無限責任： 在其清算或解散的情況下，BN將不再作爲資產管理公司的股東承擔該資產管理公司的債務和責任，免受無限責任的影響。 |
| · | 對報告發行人的直接興趣： BN將擁有對報告發行人（即A類股份）的直接興趣，而不是對私營公司的流動性差的興趣（即普通股份）。 |
| · | Additional Expenses are Immaterial: As a shareholder of BAM, BN will indirectly bear its proportionate share of certain expenses of BAM not arising from the Asset Management Company, including with respect to executive compensation, financial reporting and other costs associated with maintaining BAM’s existence as a public company. However, these expenses are immaterial in the context of BN’s business and BN has determined that the overall benefits of the Arrangement are expected to outweigh these additional costs. |
| · | BN Voting Control: BN will have the right to cast a majority of the votes in the election of directors of BAM for so long as BN owns a majority of the aggregate outstanding Class A Shares and Class B Shares, and will have meaningful voting rights at any time that BN’s ownership of the Class A Shares represents between 20% and 50% of the aggregate outstanding Class A Shares and Class B Shares. |
| · | Continued Consolidation of Asset Management Business: BAM will be a subsidiary of BN and BN will consolidate BAM (and therefore the Asset Management Company) and show the approximate 27% interest held by BAM’s other shareholders as a non-controlling interest. |
| · | No Adverse Tax Consequences to BN or its Shareholders: BN does not expect any material adverse Canadian or U.S. federal income tax impacts on BN or its shareholders as a result of the Arrangement. |
The Arrangement Agreement
BAM and BN have entered into the Arrangement Agreement to provide for the terms of the Arrangement and certain customary covenants. The following description of the Arrangement Agreement is not complete and is qualified in its entirety by reference to the full text of the Arrangement Agreement. A copy of the Arrangement Agreement has been filed on SEDAR+ under BN’s profile at www.sedarplus.ca.
Covenants Regarding the Arrangement
The Arrangement Agreement contains certain customary covenants of the parties that they will, subject to the terms of the Arrangement Agreement, (i) use their respective commercially reasonable efforts to implement the Arrangement, (ii) cooperate with and assist each other in dealing with transitional and other matters relating to or arising from the Arrangement or the Arrangement Agreement, and (iii) satisfy the conditions precedent to the completion of the Arrangement. BAM has also agreed to conduct its business in the ordinary course, consistent with past practice, from the date of the Arrangement Agreement until the Arrangement is completed.
Conditions Precedent
Completion of the Arrangement is subject to certain customary conditions precedent, including: (i) approval of the Arrangement by the shareholders of BAM; (ii) granting of exemptive relief or the approval of the Arrangement by shareholders of BN; (iii) obtaining of the interim order and the final order of the Supreme Court of British Columbia in respect of the Arrangement; (iv) approval of NYSE and the TSX of the additional listing of the Class A Shares to be issued to BN under the Arrangement; and (v) there having not occurred a material adverse effect in respect of the Asset Management Company. The conditions precedent in the Arrangement Agreement for each of BAM and BN may be waived, in whole or in part, in BAM or BN’s respective sole discretion. Certain conditions precedent to the completion of the Arrangement in the Arrangement Agreement will be deemed to be satisfied, waived or released upon the Arrangement becoming effective.
Amendments
The Arrangement Agreement provides that, subject to the provisions of the interim order of the Supreme Court of British Columbia, the plan of arrangement and applicable law, at any time and from time to time before the effective time of the Arrangement, the Arrangement Agreement and the plan of arrangement may be amended, modified or supplemented by written agreement of BAM and BN.
Termination
The Arrangement Agreement may be terminated at any time before the implementation of the Arrangement (i) by mutual written agreement of BAM and BN; or (ii) by either BAM or BN if the implementation of the Arrangement has not occurred by March 31, 2025.
Formal Valuation
The following summary of the Formal Valuation is qualified in its entirety by, and should be read in conjunction with, the full text of the Formal Valuation, which will be filed on SEDAR+ under BN’s profile at www.sedarplus.ca. The full text of the Formal Valuation describes, among other things, the assumptions made, procedures followed, information reviewed, matters considered and limitations and qualifications on the review undertaken by KPMG in connection with the Formal Valuation.
The Formal Valuation was provided for the sole use of the BAM GNCC and the BAM Board and may not be used by any other person or relied upon by any other person other than the members of the BAM GNCC and the BAM Board, or used for any other purpose, without the express prior written consent of KPMG.
Background
The BAM GNCC determined that KPMG was a qualified and independent valuator for purposes of MI 61-101. As a result, the BAM GNCC retained KPMG to provide it with a formal valuation in accordance with the requirements of MI 61-101.
Mandate and Professional Fees
KPMG was engaged by the BAM GNCC to provide the Formal Valuation pursuant to a letter dated September 30, 2024 and executed on October 2, 2024 (the “Engagement Agreement”). KPMG will be paid a fixed fee for rendering the Formal Valuation and will be reimbursed for its reasonable out-of-pocket expenses to complete the Formal Valuation. KPMG will also be indemnified by the BAM GNCC in respect of certain liabilities which may be incurred by KPMG in connection with the provision of its services. No part of KPMG’s fees pursuant to the Engagement Agreement are contingent in whole or in part on the conclusions reached in the Formal Valuation or completion of the Arrangement.
Independence and Credentials of KPMG
KPMG is one of the world’s largest professional services firms, offering a broad range of services. KPMG’s valuation professionals have significant experience in valuing a broad range of companies for various purposes, including securities law compliance, fairness opinions, solvency opinions, mergers and acquisitions, corporate income tax purposes and litigation matters, among other things. The Formal Valuation is the opinion of KPMG as a firm, and the form and content thereof have been approved for release by a committee, each of whom is a member of the Canadian Institute of Chartered Business Valuators and experienced in merger, acquisition, divestiture and valuation matters.
Having regard to the provisions of section 6.1 of MI 61-101, KPMG has confirmed that KPMG, including its affiliates and the engagement team, is independent. KPMG is not the auditor of BAM, BN, the Asset Management Company or any of their respective affiliates (collectively, “Brookfield”). KPMG has not advised Brookfield or any other party in connection with the Arrangement. Also, KPMG’s fees for its engagement are not contingent upon its findings and KPMG does not have any financial interest in the completion of the Arrangement.
In the ordinary course of business, KPMG (including its affiliates) have and continue to perform advisory and tax work for Brookfield. KPMG reviewed its records to determine whether it has entered into engagement agreements with, or has earned fees from Brookfield in the past five years, and provided a disclosure letter to the BAM GNCC on September 30, 2024 with respect to its findings. KPMG has determined that it is independent for the purpose of MI 61-101 (and will continue to be independent throughout its engagement), without any conflict of interest for its engagement and that it has the appropriate qualifications to prepare the Formal Valuation.
Scope of Review and Restrictions, Assumptions and Limitations
The scope of review, matters considered, reviews undertaken and restrictions, assumptions and limitations of the Formal Valuation are set forth in the Formal Valuation, the full text of which will be filed on SEDAR+ under BN’s profile at www.sedarplus.ca.
In particular, KPMG has relied upon the completeness, accuracy and fair presentation of all the financial and other factual information, data, advice, opinions or representations obtained by it from public sources, obtained by or on behalf of BAM and/or the Asset Management Company, or otherwise obtained by KPMG, including those representations contained in a certificate of BAM (collectively, the “Information”). The Formal Valuation is conditional upon the completeness, accuracy and fair presentation of such Information. Subject to the exercise of professional judgment, KPMG has not attempted to verify independently the completeness, accuracy or fair presentation of any of this Information. In preparing the Formal Valuation, KPMG has made certain assumptions in addition to those noted therein which it considered to be reasonable and appropriate in the circumstances.
Approach to Value
The Formal Valuation is based upon methodologies and assumptions that KPMG considered appropriate in the circumstances for the purposes of arriving at an opinion as to the range of fair market value of the Common Shares and the Class A Shares. Based on KPMG’s understanding of the ongoing nature of BAM’s and the Asset Management Company’s operations, KPMG concluded that BAM and the Asset Management Company should be valued using a going concern assumption.
Valuation Conclusion
Based on the scope of KPMG’s review and subject to the assumptions and limitations as noted in the Formal Valuation, KPMG is of the opinion that, as at October 31, 2024, the fair market value of the Common Shares is in the range of $46.35 to $51.67 per Common Share and the fair market value of the Class A Shares was in the range of $46.43 to $51.63 per Class A Share.
Prior Valuations
To the knowledge of BN or any of its directors or senior officers, after reasonable inquiry, other than the Formal Valuation, there has been no “prior valuation” of BN or of its securities or material assets in the 24 months preceding the date of this material change report.
Multilateral Instrument 61-101
BN has applied to the Ontario Securities Commission, as principal regulator, for exemptive relief (the “Exemptive Relief”) pursuant to section 9.1 of MI 61-101 and Multilateral Instrument 11-102 – Passport System from the requirements of sections 5.4 and 5.6 of MI 61-101 applicable to BN to obtain a formal valuation and minority approval of the Arrangement. If the Exemptive Relief is granted, BN does not intend to seek shareholder approval or obtain a formal valuation in respect of the Arrangement.
Certain directors and senior officers of BAM that own Class A Limited Voting Shares of BN, and BAM Partners Trust, which owns the Class B Limited Voting Shares of BN, may be considered related parties of an interested party to the Arrangement for purposes of MI 61-101. The Arrangement will not affect the percentage of Class A Shares or Class B Shares owned by such related parties.
| Item 5.2 | Disclosure for Restructuring Transaction |
Not applicable.
| Item 6 | Reliance on subsection 7.1(2) of National Instrument 51-102 |
Not applicable.
| Item 7 | Omitted Information |
Not applicable.
| Item 8 | Executive Officer |
For further information, please contact Swati Mandava, Managing Director, Legal & Regulatory, at (416) 359-8647.
| Item 9 | Date of Report |
November 1, 2024
Caution Regarding Forward-Looking Statements
This material change report contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of BN and BAM are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this press release include statements referring to BN’s and BAM’s beliefs as to the completion and timing of the Arrangement, BAM’s potential inclusion in global stock indices and other expected impacts of the Arrangement. Factors that could cause actual results, performance, achievements or events to differ from current expectations include, among others, risks and uncertainties related to: obtaining approvals, rulings, court orders and consents, or satisfying other requirements, necessary or desirable to permit or facilitate completion of the Arrangement (including regulatory and shareholder approvals); future factors that may arise making it inadvisable to proceed with, or advisable to delay, all or part of the Arrangement; and business cycles, including general economic conditions.
Other factors, risks and uncertainties not presently known to BN or BAM or that BN and BAM currently believe are not material could also cause actual results or events to differ materially from those expressed or implied by statements containing forward-looking statements. Readers are cautioned not to place undue reliance on statements containing forward-looking statements that are included in this press release, which are made as of the date of this press release, and not to use such information for anything other than their intended purpose. BN and BAM disclaim any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.