Brookfield Announces Reset Dividend Rate on Its Series 30 and Series 25 Preference Shares
December 04 2017 - 4:09PM
Brookfield Asset Management Inc. (TSX:BAM.A) (NYSE:BAM)
(Euronext:BAMA) (“Brookfield”) today announced that it has
determined the fixed dividend rate on its Cumulative Class A
Preference Shares, Series 30 (“Series 30 Shares”) (TSX:BAM.PR.Z)
for the five years commencing January 1, 2018 and ending December
31, 2022, 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 30 Shares and Series 31 Shares
If declared, the fixed quarterly dividends on
the Series 30 Shares during the five years commencing January 1,
2018 will be $0.2928125 per share per quarter, which represents a
yield of 4.781% on the most recent trading price, similar to the
current yield. The new fixed dividend rate that will apply for the
five years commencing January 1, 2018 represents a yield of 4.685%
based on the redemption price of $25 per share.
Holders of Series 30 Shares have the right, at
their option, exercisable not later than 5:00 p.m. (Toronto time)
on December 18, 2017, to convert all or part of their Series 30
Shares, on a one-for-one basis, into Cumulative Class A Preference
Shares, Series 31 (the “Series 31 Shares”), effective December 31,
2017.
The quarterly floating rate dividends on the
Series 31 Shares will be paid at an annual rate, calculated for
each quarter, of 2.96% over the annual yield on three-month
Government of Canada treasury bills. The actual quarterly dividend
rate in respect of the January 1, 2018 to March 31, 2018 dividend
period for the Series 31 Shares will be 0.94488% (3.832% on an
annualized basis) and the dividend, if declared, for such dividend
period will be $0.23622 per share, payable on March 29, 2018.
Holders of Series 30 Shares are not required to
elect to convert all or any part of their Series 31 Shares into
Series 31 Shares.
As provided in the share conditions of the
Series 30 Shares, (i) if Brookfield determines that there would be
fewer than 1,000,000 Series 30 Shares outstanding after December
31, 2017, all remaining Series 30 Shares will be automatically
converted into Series 31 Shares on a one-for-one basis effective
December 31, 2017; and (ii) if Brookfield determines that there
would be fewer than 1,000,000 Series 31 Shares outstanding after
December 31, 2017, no Series 30 Shares will be permitted to be
converted into Series 31 Shares. There are currently 9,934,050
Series 30 Shares outstanding.
The Toronto Stock Exchange (“TSX”) has
conditionally approved the listing of the Series 31 Shares
effective upon conversion. Listing of the Series 31 Shares is
subject to Brookfield fulfilling all the listing requirements of
the TSX and, upon approval, the Series 31 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,
2018 to March 31, 2018 dividend period will be 0.78214% (3.172% on
an annualized basis) and the dividend, if declared, for such
dividend period will be $0.1955350 per share, payable on March 29,
2018.
Brookfield Asset
ManagementBrookfield Asset Management Inc. is a leading
global alternative asset manager with over US$265 billion in assets
under management. The company has more than a 100-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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