Brookfield Announces Reset Dividend Rate on Its Series 28 Preference Shares
June 01 2022 - 7:20PM
Brookfield (NYSE: BAM, TSX: BAM.A) today announced
that it has determined the fixed dividend rate on its Cumulative
Class A Preference Shares, Series 28 (“Series 28 Shares”) (TSX:
BAM.PR.X) for the five years commencing July 1, 2022 and ending
June 30, 2027.
If declared, the fixed quarterly dividends on
the Series 28 Shares during the five years commencing July 1, 2022
will be paid at an annual rate of 4.606% ($0.287875 per share per
quarter).
Holders of Series 28 Shares have the right, at
their option, exercisable not later than 5:00 p.m. (Toronto time)
on June 15, 2022, to convert all or part of their Series 28 Shares,
on a one-for-one basis, into Cumulative Class A Preference Shares,
Series 29 (the “Series 29 Shares”), effective June 30, 2022. The
quarterly floating rate dividends on the Series 29 Shares will be
paid at an annual rate, calculated for each quarter, of 1.80% over
the annual yield on the three-month Government of Canada treasury
bills. The actual quarterly dividend rate in respect of the July 1,
2022 to September 30, 2022 dividend period for the Series 29 Shares
will be 0.82598% (3.277% on an annualized basis) and the dividend,
if declared, for such dividend period will be $0.2065 per share,
payable on September 30, 2022.
Holders of Series 28 Shares are not required to
elect to convert all or any part of their Series 28 Shares into
Series 29 Shares.
As provided in the share conditions of the
Series 28 Shares, (i) if Brookfield determines that there would be
fewer than 1,000,000 Series 28 Shares outstanding after June 30,
2022, all remaining Series 28 Shares will be automatically
converted into Series 29 Shares on a one-for-one basis effective
June 30, 2022; and (ii) if Brookfield determines that there would
be fewer than 1,000,000 Series 29 Shares outstanding after June 30,
2022, no Series 28 Shares will be permitted to be converted into
Series 29 Shares. There are currently 9,233,927 Series 28 Shares
outstanding.
The Toronto Stock Exchange (“TSX”) has
conditionally approved the listing of the Series 29 Shares
effective upon conversion. Listing of the Series 29 Shares is
subject to Brookfield fulfilling all the listing requirements of
the TSX.
About Brookfield Brookfield
(NYSE: BAM, TSX: BAM.A) is a leading global alternative asset
manager with approximately US$725 billion of assets under
management across real estate, infrastructure, renewable power and
transition, private equity, and credit. Brookfield owns and
operates long-life 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.
For more information, please visit our website
at www.brookfield.com or contact:
Media |
Investor Relations |
Kerrie McHugh |
Linda Northwood |
Tel: +1 212 618-3469 |
Tel: +1 416 359-8647 |
Email: kerrie.mchugh@brookfield.com |
Email: linda.northwood@brookfield.com |
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