Brookfield Announces Reset Dividend Rate on its Series 42 and Series 25 Preference Shares
01 Junho 2020 - 6:19PM
Brookfield Asset Management Inc. (“Brookfield”) (TSX: BAM.A, NYSE:
BAM) today announced that it has determined the fixed dividend rate
on its Cumulative Class A Preference Shares, Series 42 (“Series 42
Shares”) (TSX: BAM.PF.G) for the five years commencing July 1, 2020
and ending June 30, 2025, 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 42 Shares and Series 43 Shares
If declared, the fixed quarterly dividends on
the Series 42 Shares during the five years commencing July 1, 2020
will be paid at an annual rate of 3.254% ($0.203375 per share per
quarter).
Holders of Series 42 Shares have the right, at
their option, exercisable not later than 5:00 p.m. (Toronto time)
on June 15, 2020, to convert all or part of their Series 42 Shares,
on a one-for-one basis, into Cumulative Class A Preference Shares,
Series 43 (the “Series 43 Shares”), effective June 30, 2020.
The quarterly floating rate dividends on the
Series 43 Shares will be paid at an annual rate, calculated for
each quarter, of 2.84% over the annual yield on three-month
Government of Canada treasury bills. The actual quarterly dividend
rate in respect of the July 1, 2020 to September 30, 2020 dividend
period for the Series 43 Shares will be 0.78011% (3.095% on an
annualized basis) and the dividend, if declared, for such dividend
period will be $0.1950275 per share, payable on September 30,
2020.
Holders of Series 42 Shares are not required to
elect to convert all or any part of their Series 42 Shares into
Series 43 Shares.
As provided in the share conditions of the
Series 42 Shares, (i) if Brookfield determines that there would be
fewer than 1,000,000 Series 42 Shares outstanding after June 30,
2020, all remaining Series 42 Shares will be automatically
converted into Series 43 Shares on a one-for-one basis effective
June 30, 2020; or (ii) if Brookfield determines that there would be
fewer than 1,000,000 Series 43 Shares outstanding after June 30,
2020, no Series 42 Shares will be permitted to be converted into
Series 43 Shares. There are currently 11,887,500 Series 42 Shares
outstanding.
The Toronto Stock Exchange (“TSX”) has
conditionally approved the listing of the Series 43 Shares
effective upon conversion. Listing of the Series 43 Shares is
subject to Brookfield fulfilling all the listing requirements of
the TSX and, upon approval, the Series 43 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 July 1, 2020
to September 30, 2020 dividend period will be 0.644% (2.555% on an
annualized basis) and the dividend, if declared, for such dividend
period will be $0.161 per share, payable on September 30, 2020.
Brookfield Asset Management
Inc. is a leading global alternative asset manager with
over $515 billion of assets under management across real
estate, infrastructure, renewable power, 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.
Brookfield Asset Management is listed on the New
York and Toronto stock exchanges under the symbol BAM and BAM.A
respectively.
For more information, please visit our website at
www.brookfield.com or contact:
Communications &
Media:Claire HollandTel: (416) 369-8236Email:
claire.holland@brookfield.com |
|
Investor
RelationsLinda Northwood Tel: (416) 359-8647
Email: linda.northwood@brookfield.com |
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