12:26:00 EDT Thu 28 Mar 2024
Enter Symbol
or Name
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Brookfield Asset Management Inc
Symbol BAM
Shares Issued 11,982,568
Close 2017-03-02 C$ 23.20
Market Cap C$ 277,995,578
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Brookfield Asset fixes dividend rates for preferreds

2017-03-03 11:58 ET - News Release

Ms. Claire Holland reports

BROOKFIELD ANNOUNCES RESET DIVIDEND RATE ON ITS SERIES 26 AND SERIES 25 PREFERENCE SHARES

Brookfield Asset Management Inc. has determined the fixed dividend rate on its cumulative Class A preference shares, Series 26, for the five years commencing April 1, 2017, and ending March 31, 2022, and has also determined the quarterly dividend on its floating rate cumulative Class A preference shares, Series 25.

Series 26 shares and Series 27 shares

If declared, the fixed quarterly dividends on the Series 26 shares during the five years commencing April 1, 2017, will be paid 21.69375 cents per share per quarter, which represents a yield of 4.62 per cent 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, 2017, represents a yield of 3.471 per cent based on the redemption price of $25 per share.

Holders of Series 26 shares have the right, at their option, exercisable not later than 5 p.m. (Toronto time) on March 16, 2017, to convert all or part of their Series 26 shares, on a one-for-one basis, into cumulative Class A preference shares, Series 27, effective March 31, 2017.

The quarterly floating rate dividends on the Series 27 shares will be paid at an annual rate, calculated for each quarter, of 2.31 per cent over the annual yield on three-month government of Canada treasury bills. The actual quarterly dividend rate in respect of the April 1, 2017, to June 30, 2017, dividend period for the Series 27 shares will be 0.69559 per cent (2.79 per cent on an annualized basis) and the dividend, if declared, for such dividend period will be 17.38975 cents per share, payable on June 30, 2017.

Holders of Series 26 shares are not required to elect to convert all or any part of their Series 26 shares into Series 27 shares.

As provided in the share conditions of the Series 26 shares: (i) if Brookfield determines that there would be fewer than one million Series 26 shares outstanding after March 31, 2017, all remaining Series 26 shares will be automatically converted into Series 27 shares on a one-for-one basis effective March 31, 2017; and (ii) if Brookfield determines that there would be fewer than one million Series 27 shares outstanding after March 31, 2017, no Series 26 shares will be permitted to be converted into Series 27 shares. There are currently 9,903,348 Series 26 shares outstanding.

The Toronto Stock Exchange has conditionally approved the listing of the Series 27 shares effective upon conversion. Listing of the Series 27 shares is subject to Brookfield fulfilling all the listing requirements of the TSX and, upon approval, the Series 27 shares will be listed on the TSX under the trading symbol BAM.PR.W.

Series 25 shares

The dividend on the Series 25 shares is 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 April 1, 2017, to June 30, 2017, dividend period will be 0.6931 per cent (2.78 per cent on an annualized basis) and the dividend, if declared, for such dividend period will be 17.3275 cents per share, payable on June 30, 2017.

About Brookfield Asset Management Inc.

Brookfield Asset Management is a global alternative asset manager with approximately $250-billion (U.S.) in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on property, 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.

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