Brookfield Announces Reset Dividend Rate on Its Series 34 and Series 25 Preference Shares
04 Março 2019 - 06:51PM
All amounts in Canadian dollars unless otherwise
stated.
Brookfield Asset Management Inc. (“Brookfield”) (TSX: BAM.A, NYSE:
BAM, Euronext: BAMA) today announced that it has determined the
fixed dividend rate on its Cumulative Class A Preference Shares,
Series 34 (“Series 34 Shares”) (TSX: BAM.PF.B) for the five years
commencing April 1, 2019 and ending March 31, 2024, and also
determined the quarterly dividend on its floating rate Cumulative
Class A Preference Shares, Series 25 (“Series 25 Shares”) (TSX:
BAM.PR.S).
Series 34 Shares and Series 35 Shares
If declared, the fixed quarterly dividends on
the Series 34 Shares during the five years commencing April 1, 2019
will be $0.2773125 per share per quarter, which represents a yield
of 5.854% on the most recent trading price, similar to the current
yield. The new fixed dividend rate that will apply for the five
years commencing April 1, 2019 represents a yield of 4.437% based
on the redemption price of $25 per share.
Holders of Series 34 Shares have the right, at
their option, exercisable not later than 5:00 p.m. (Toronto time)
on March 18, 2019, to convert all or part of their Series 34
Shares, on a one-for-one basis, into Cumulative Class A Preference
Shares, Series 35 (the “Series 35 Shares”), effective March 31,
2019.
The quarterly floating rate dividends on the
Series 35 Shares will be paid at an annual rate, calculated for
each quarter, of 2.63% over the annual yield on three-month
Government of Canada treasury bills. The actual quarterly dividend
rate in respect of the April 1, 2019 to June 30, 2019 dividend
period for the Series 35 Shares will be 1.07505% (4.312% on an
annualized basis) and the dividend, if declared, for such dividend
period will be $0.2687625 per share, payable on June 30, 2019.
Holders of Series 34 Shares are not required to
elect to convert all or any part of their Series 34 Shares into
Series 35 Shares.
As provided in the share conditions of the
Series 34 Shares, (i) if Brookfield determines that there would be
fewer than 1,000,000 Series 34 Shares outstanding after March 31,
2019, all remaining Series 34 Shares will be automatically
converted into Series 35 Shares on a one-for-one basis effective
March 31, 2019; and (ii) if Brookfield determines that there would
be fewer than 1,000,000 Series 35 Shares outstanding after March
31, 2019, no Series 34 Shares will be permitted to be converted
into Series 35 Shares. There are currently 9,888,332 Series 34
Shares outstanding.
The Toronto Stock Exchange (“TSX”) has
conditionally approved the listing of the Series 35 Shares
effective upon conversion. Listing of the Series 35 Shares is
subject to Brookfield fulfilling all the listing requirements of
the TSX and, upon approval, the Series 35 Shares will be listed on
the TSX under the trading symbol “BAM.PF.K”.
Series 25 Shares
The dividend on the Series 25 Shares is paid at
an annual rate, calculated for each quarter, of 2.30% over the
annual yield on three-month Government of Canada treasury bills.
The actual quarterly dividend rate in respect of the April 1, 2019
to June 30, 2019 dividend period will be 0.99277% (3.982% on an
annualized basis) and the dividend, if declared, for such dividend
period will be $0.2481925 per share, payable on June 28, 2019.
Brookfield Asset
ManagementBrookfield Asset Management Inc. is a global
alternative asset manager with over US$350 billion in assets
under management. The company has more than a 115-year history of
owning and operating assets with a focus on real estate, renewable
power, infrastructure and private equity. Brookfield offers a range
of public and private investment products and services, and is
co-listed on the New York, Toronto and Euronext stock exchanges
under the symbol BAM, BAM.A and BAMA, respectively.
For more information, please visit our website
at www.brookfield.com or contact:
Claire Holland
Communications & Media Tel: (416) 369-8236 Email:
Claire.holland@brookfield.com |
Linda Northwood Investor
Relations Tel: (416) 359-8647 Email:
Linda.northwood@brookfield.com |
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