Brookfield Announces Reset Dividend Rate on its Series 44 and Series 25 Preference Shares
December 02 2020 - 3:30PM
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
44 (“Series 44 Shares”) (TSX: BAM.PF.H) for the five years
commencing January 1, 2021 and ending December 31, 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 44 Shares and Series 45 Shares
If declared, the fixed quarterly dividends on
the Series 44 Shares during the five years commencing January 1,
2021 will be paid at an annual rate of 5.00% ($0.3125 per share per
quarter).
Holders of Series 44 Shares have the right, at
their option, exercisable not later than 5:00 p.m. (Toronto time)
on December 16, 2020, to convert all or part of their Series 44
Shares, on a one-for-one basis, into Cumulative Class A Preference
Shares, Series 45 (the “Series 45 Shares”), effective December 31,
2020.
The quarterly floating rate dividends on the
Series 45 Shares will be paid at an annual rate, calculated for
each quarter, of 4.17% over the annual yield on three-month
Government of Canada treasury bills. The actual quarterly dividend
rate in respect of the January 1, 2021 to March 31, 2021 dividend
period for the Series 45 Shares will be 1.0551% (4.279% on an
annualized basis) and the dividend, if declared, for such dividend
period will be $0.263775 per share, payable on March 31, 2021.
Holders of Series 44 Shares are not required to
elect to convert all or any part of their Series 44 Shares into
Series 45 Shares.
As provided in the share conditions of the
Series 44 Shares, (i) if Brookfield determines that there would be
fewer than 1,000,000 Series 44 Shares outstanding after December
31, 2020, all remaining Series 44 Shares will be automatically
converted into Series 45 Shares on a one-for-one basis effective
December 31, 2020; and (ii) if Brookfield determines that there
would be fewer than 1,000,000 Series 45 Shares outstanding after
December 31, 2020, no Series 44 Shares will be permitted to be
converted into Series 45 Shares. There are currently 9,831,929
Series 44 Shares outstanding.
The Toronto Stock Exchange (“TSX”) has
conditionally approved the listing of the Series 45 Shares
effective upon conversion. Listing of the Series 45 Shares is
subject to Brookfield fulfilling all the listing requirements of
the TSX and, upon approval, the Series 45 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 January 1,
2021 to March 31, 2021 dividend period will be 0.594% (2.409% on an
annualized basis) and the dividend, if declared, for such dividend
period will be $0.1485 per share, payable on March 31, 2021.
Brookfield Asset Management
Inc. is a leading global alternative asset manager with
approximately US$575 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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