Brookfield Asset Management Inc. Acquires Additional Shares in Fraser Papers Inc.
biz.yahoo.com
Thursday July 12, 7:44 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--Jul 12, 2007 -- Brookfield Asset Management (Toronto:BAM.TO)(NYSE:BAM) today announced that it has acquired 2,000,000 common shares of Fraser Papers Inc. (Toronto:FPS.TO). This acquisition brings the total number of shares beneficially owned by Brookfield to 16,561,696, which represents 56% of the outstanding common shares of Fraser.
The purchases were made through the facilities of the Toronto Stock Exchange and the shares were acquired for investment purposes.
Fraser owns 3,613,780 Class B interests in a subsidiary of Acadian Timber Income Fund (Toronto:ADN-UN.TO), which could be exchanged for the same number of units of Acadian, representing, on a fully diluted basis, 22% of the outstanding units of Acadian. Under securities law, Brookfield is now deemed to beneficially own these interests in Acadian. Brookfield also owns (directly and through joint actors) 406,232 units of Acadian and 4,507,030 Class B interests in a subsidiary of Acadian. Taken together, if the interests of Fraser and Brookfield were both exchanged, Brookfield and its affiliates would own 8,527,042 units of Acadian, representing approximately 51% of the outstanding units of Acadian. Brookfield holds the Acadian units for investment purposes. |
