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Security Details
- Coupon Rate
- 6.25%
- Liquidation Preference
- $25.00
- Call Price
- $25.00
- Call / Redemption Date
- 11/1/2001
- Maturity Date
- None
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 1.5625
- Distribution Dates
- 2/1, 5/1, 8/1 & 11/1
- Credit Ratings
- Moody's NR · S&P NF (4/15/2025)
- Tax-Advantaged Dividends
- No
Security Profile
- CUSIP
- 112485500
- Previous Name
- Brookfield Asset Management Inc
- Parent Company
- Brookfield Asset Management Inc (BN)
Business: Brookfield Asset Management Ltd formerly, Brookfield Asset Management Inc, 6.25% Preference Shares Class A Series 8, liquidation preference $25 Canadian dollars per share, redeemable at the issuer's option on or after 11/01/2001 at $25 Canadian dollars per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 6.25% per annum ($1.5625 Canadian dollars per annum or $0.390625 Canadian dollars per quarter) will be paid quarterly on 2/1, 5/1, 8/1 & 11/1 to holders of record on the record date fixed by the board (NOTE: the ex-dividend date is one business day prior to the record date). <p> The holders of the Class A Preference Shares, Series 8 have the right, on November 1, 2001, and on every November 1 in every 5th year thereafter, to convert any or all of the Class A Preference Shares, Series 8 held by them into Class A Preference Shares, Series 9 on a one-for one basis.
Notes: Dec. 06, 2022 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A) (“Brookfield”) and Brookfield Asset Management Ltd. (the “Manager”) today jointly announced the expected 2023 dividends for the Corporation (defined below) and the Manager.
As previously announced, the transaction for the public listing and distribution of a 25% interest in Brookfield’s asset management business, through the Manager, by way of a plan of arrangement (“Arrangement”) is expected to be effective at the close of business on December 9, 2022. On the Arrangement becoming effective, Brookfield Asset Management Inc. will be renamed Brookfield Corporation (the "Corporation”).
Beginning in the first quarter of 2023:
the Corporation is expected to pay a quarterly dividend of $0.07 per Corporation class A limited voting share (representing $0.28 per annum) and;
the Manager is expected to pay a quarterly dividend of $0.32 per Manager class A limited voting share.
Combined, and assuming Corporation shareholders retain their Manager shares received in the Arrangement, the Corporation’s quarterly dividend of $0.07 per share and the Manager’s quarterly dividend of $0.32 per share (equivalent to $0.08 per share held today, adjusted for the shares being distributed to the public), would equate to $0.15 per current Class A share; representing a 7% increase.
Brookfield shareholders of record at November 30, 2022 will receive the previously declared fourth quarter 2022 dividend of $0.14 on December 30, 2022.
Additional Details for Series 8 and 9 Class A Preference Shares in Regards to the Arrangement
Brookfield also announced that holders of the Corporation’s Series 8 class A preference shares will receive 0.1030 of a Manager class A limited voting share and a new Series 51 Corporation class A preference share for every Series 8 preference share held. Holders of the Corporation’s Series 9 class A preference shares will receive 0.1010 of a Manager class A limited voting share and a new Series 52 Corporation class A preference share for every Series 9 preference share held. The redemption price of the new preference shares, as adjusted to reflect the receipt of the Manager class A limited voting shares, will be of C$22.44 per Series 51 share (received by holders of Series 8 shares) and C$22.00 per Series 52 share (received by holders of Series 9 shares). <p> Sept. 23, 2022 -- Brookfield (NYSE: BAM, TSX: BAM.A) (“Brookfield”) today announced that its Board of Directors has unanimously approved the transaction for the public listing and distribution of a 25% interest in its asset management business, through Brookfield Asset Management Ltd. (the “Manager”). Pursuant to this approval, Brookfield has entered into an arrangement agreement (the “Arrangement Agreement”) in connection with the implementation of the transaction. The transaction will result in the division of Brookfield into two publicly traded companies – the Corporation (Brookfield Asset Management Inc. will be renamed “Brookfield Corporation”) and the Manager – with the holders of Brookfield’s class A limited voting shares (“Class A Shares”), class B limited voting shares and Series 8 and 9 class A preference shares (collectively, "Shareholders”) becoming shareholders of the Manager on completion (the “Arrangement”). The transaction will enable Shareholders to access a leading pure-play global alternative asset management business, through the Manager. Brookfield Corporation will continue focusing on deploying capital across its operating businesses, growing its cash flows and compounding that capital over the long term. <p> Sept. 23, 2022 -- Brookfield (NYSE: BAM, TSX: BAM.A) (“Brookfield”) today announced that its Board of Directors has unanimously approved the transaction for the public listing and distribution of a 25% interest in its asset management business, through Brookfield Asset Management Ltd. (the “Manager”). Pursuant to this approval, Brookfield has entered into an arrangement agreement (the “Arrangement Agreement”) in connection with the implementation of the transaction. The transaction will result in the division of Brookfield into two publicly traded companies – the Corporation (Brookfield Asset Management Inc. will be renamed “Brookfield Corporation”) and the Manager – with the holders of Brookfield’s class A limited voting shares (“Class A Shares”), class B limited voting shares and Series 8 and 9 class A preference shares (collectively, "Shareholders”) becoming shareholders of the Manager on completion (the “Arrangement”). The transaction will enable Shareholders to access a leading pure-play global alternative asset management business, through the Manager. Brookfield Corporation will continue focusing on deploying capital across its operating businesses, growing its cash flows and compounding that capital over the long term. <p> All Pricing is in Canadian dollars. ____________ No prospectus found, Information about this security is from a later filing from the company and is incomplete.
Company Contact
- CEO
- J. Bruce Flatt
- CFO
- Nicholas Goodman
- Headquarters
- Suite 300, Brookfield Place, 181 Bay Street, Toronto M5J 2T3, Canada
- Phone
- 416-363-9491 · Toll-Free 866-989-0311
- Fax
- 416-365-9642
- Investor Relations
- Cara Silverman · 416-649-8172 · cara.silverman@brookfield.com