Brookfield Announces Reset Dividend Rate on its Series 32 Preference Shares
01 Settembre 2023 - 11:00PM
Brookfield Corporation (NYSE: BN, TSX: BN) (“Brookfield”) today
announced that it has determined the fixed dividend rate on its
Cumulative Class A Preference Shares, Series 32 (“Series 32
Shares”) (TSX: BN.PF.A) for the five years commencing October 1,
2023 and ending September 30, 2028.
If declared, the fixed quarterly dividends on
the Series 32 Shares during the five years commencing October 1,
2023 will be paid at an annual rate of 6.744% ($0.4249644 per share
per quarter).
Holders of Series 32 Shares have the right, at
their option, exercisable not later than 5:00 p.m. (Toronto time)
on September 15, 2023, to convert all or part of their Series 32
Shares, on a one-for-one basis, into Cumulative Class A Preference
Shares, Series 33 (the “Series 33 Shares”), effective September 30,
2023. The quarterly floating rate dividends on the Series 33 Shares
will be paid at an annual rate, calculated for each quarter, of
2.90% over the annual yield on three-month Government of Canada
treasury bills. The actual quarterly dividend rate in respect of
the October 1, 2023 to December 31, 2023 dividend period for the
Series 33 Shares will be 2.03081% (8.057% on an annualized basis)
and the dividend, if declared, for such dividend period will be
$0.5077025 per share, payable on December 31, 2023.
Holders of Series 32 Shares are not required to
elect to convert all or any part of their Series 32 Shares into
Series 33 Shares.
As provided in the share conditions of the
Series 32 Shares, (i) if Brookfield determines that there would be
fewer than 1,000,000 Series 32 Shares outstanding after September
30, 2023, all remaining Series 32 Shares will be automatically
converted into Series 33 Shares on a one-for-one basis effective
September 30, 2023; and (ii) if Brookfield determines that there
would be fewer than 1,000,000 Series 33 Shares outstanding
after September 30, 2023, no Series 32 Shares will be permitted to
be converted into Series 33 Shares. There are currently 11,750,299
Series 32 Shares outstanding.
The Toronto Stock Exchange (“TSX”) has
conditionally approved the listing of the Series 33 Shares
effective upon conversion. Listing of the Series 33 Shares is
subject to Brookfield fulfilling all the listing requirements of
the TSX.
About Brookfield
Corporation
Brookfield Corporation (NYSE: BN, TSX: BN) is
focused on compounding capital over the long term to earn
attractive total returns for our shareholders. Today, our capital
is deployed across three businesses – Asset Management, Insurance
Solutions and our Operating Businesses, generating substantial and
growing free cash flows, all of which is underpinned by a
conservatively capitalized balance sheet.
For more information, please contact:
Communications & Media |
Investor Relations |
Kerrie McHugh Hayes |
Linda Northwood |
Tel: (212) 618-3469 |
Tel: (416) 359-8647 |
Email: kerrie.mchugh@brookfield.com |
Email: linda.northwood@brookfield.com |
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