06:53 AM EDT, 05/23/2024 (MT Newswires) -- Brookfield Corporation ( BN ) announced Thursday it has received approval from the Toronto Stock Exchange for the renewal of its normal course issuer bid to purchase up to 142,988,844 Class A Limited Voting Shares, representing 10% of the public float of Brookfield's outstanding Class A Shares.

A statement noted purchases under the bid will be made on the open market through the facilities of the TSX, the New York Stock Exchange, and/or alternative trading systems. It said the period of the normal course issuer bid will extend from May 27, 2024 to May 26, 2025, or an earlier date should Brookfield complete its purchases. Brookfield will pay the market price at the time of acquisition for any Class A Shares purchased or such other price as may be permitted, it added.

As at May 17, 2024, the number of Class A Shares issued and outstanding totaled 1,642,975,156 of which 1,429,888,442 shares represented the public float. In accordance with the rules of the TSX, the maximum daily purchase on the TSX under this bid will be 399,711 Class A Shares, which is 25% of 1,598,845 (the average daily trading volume for Class A Shares on the TSX for the six months ended April 30, 2024).

Of the 142,042,619 Class A Shares approved for purchase under Brookfield's prior normal course issuer bid that started on May 25, 2023 and will expire on May 24, 2024, Brookfield bought 27,869,934 Class A Shares as of May 17, 2024; 8,551,236 Class A Shares through open market purchases on the TSX and 19,318,698 Class A Shares through open market purchases on the NYSE. The weighted average price that Brookfield paid per Class A Share acquired under this bid was US$37.24.

Brookfield said it is renewing its normal course 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.

Brookfield intends to enter into an automatic share purchase plan on or about the week of June 17, 2024 in relation to the normal course issuer bid.