09:00:01 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Brookfield Asset Management Inc
Symbol BAM
Shares Issued 986,983,551
Close 2016-06-01 C$ 49.00
Market Cap C$ 48,362,193,999
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Brookfield Asset annual Class A dividend rate at 3.01%

2016-06-01 17:06 ET - News Release

Ms. Suzanne Fleming reports

BROOKFIELD ANNOUNCES RESET DIVIDEND RATE ON ITS SERIES 24 PREFERENCE SHARES

Brookfield Asset Management Inc. has determined the fixed dividend rate on its cumulative Class A preference shares, Series 24, for the five years commencing July 1, 2016, and ending June 30, 2021. If declared, the fixed quarterly dividends on the Series 24 shares during that period will be paid at an annual rate of 3.014 per cent (18.8375 cents per share per quarter). The implied yield on the Series 24 shares based on the new fixed dividend rate that will apply for the five years commencing July 1, 2016, and today's closing price for the Series 24 shares is approximately 5.6 per cent.

Holders of Series 24 shares have the right, at their option, exercisable not later than 5 p.m. (Toronto time) on June 15, 2016, to convert all or part of their Series 24 shares, on a one-for-one basis, into cumulative Class A preference shares, Series 25, effective June 30, 2016.

The quarterly floating-rate dividends on the Series 25 shares will be paid at an annual rate, calculated for each quarter, of 2.30 per cent over the annual yield on three-month government of Canada treasury bills. The actual quarterly dividend rate in respect of the July 1, 2016, to Sept. 30, 2016, dividend period for the Series 25 shares will be 0.71861 cent per cent (2.851 per cent on an annualized basis), and the dividend, if declared, for such dividend period will be 17.96525 cents per share, payable on Sept. 30, 2016.

Holders of Series 24 shares are not required to elect to convert all or any part of their Series 24 shares into Series 25 shares.

As provided in the share conditions of the Series 24 shares: (i) if Brookfield determines that there would be fewer than one million Series 24 shares outstanding after June 30, 2016, all remaining Series 24 shares will be automatically converted into Series 25 shares on a one-for-one basis, effective June 30, 2016; and (ii) if Brookfield determines that there would be fewer than one million Series 25 shares outstanding after June 30, 2016, no Series 24 shares will be permitted to be converted into Series 25 shares. There are currently 10.97 million Series 24 shares outstanding.

The Toronto Stock Exchange has conditionally approved the listing of the Series 25 shares, effective upon conversion. Listing of the Series 25 shares is subject to Brookfield fulfilling all the listing requirements of the TSX, and, upon approval, the Series 25 shares will be listed on the TSX under the trading symbol BAM.PR.S.

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