Brookfield Asset Management Ltd | Cumulative Class A Preference Shares, Series 22 (BAM.PRP.CA)
Prospectus excerpt: Brookfield Asset Management may not redeem the Series 22 Preferred Shares prior to September 30, 2014. On September 30, 2014 and on September 30 every five years thereafter (each, a “Conversion Date”), the company may, subject to applicable law, at its option without the consent of the holders, redeem all or any part of the then outstanding Series 22 Preferred Shares by the payment of $25.00 per share together with all accrued and unpaid dividends thereon up to but excluding the date of payment or distribution (less any tax required to be deducted and withheld). Notice of any redemption must be given by the company at least 30 days and not more than 60 days prior to the date fixed for redemption.
Subject to certain restrictions, the holders of the Series 22 Preferred Shares have the right on any Conversion Date to convert any or all of the Series 22 Preferred Shares held by them for Cumulative Class A Preference Shares, Series 23 of the company (the “Series 23 Preferred Shares”), on a one-for-one basis. Such a conversion of Series 22 Preferred Shares for Series 23 Preferred Shares must be initiated not less than 15 days and not more than 30 days prior to a Conversion Date. Under certain circumstances, the Series 22 Preferred Shares automatically convert into Series 23 Preferred Shares, on a one-for-one basis.
Shares Offered:
12000000
Liquidation Preference:
$25
Original Coupon:
Annual rate of .75 per share until September 30, 2014. The annual fixed dividend rate for each subsequent 5-year fixed rate period will be equal to the sum of the Government of Canada yield on the 30th day prior to the first day of such subsequent fixed rate period plus 4.45%. The annual fixed dividend for each such period will be equal to the applicable Annual Fixed Dividend Rate multiplied by 5.00.
Brookfield Asset Management is an alternative asset manager, with assets under management across renewable power and transition, infrastructure, private equity, real estate and credit. Co. focuses on real assets and essential service businesses.