Brookfield Asset Management Ltd | Cumulative Class A Preference Shares, Series 24 (BAM.PRR.CA)
Prospectus excerpt: Brookfield Asset Management may not redeem the Series 24 Preferred Shares prior to June 30, 2016. On June 30, 2016 and on June 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 24 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 24 Preferred Shares have the right on any Conversion Date to convert any or all of the Series 24 Preferred Shares held by them for Class A Preference Shares, Series 25 of the company (the “Series 25 Preferred Shares”), on a one-for-one basis. Such a conversion of Series 24 Preferred Shares for Series 25 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 24 Preferred Shares automatically convert into Series 25 Preferred Shares, on a one-for-one basis.
Shares Offered:
11000000
Liquidation Preference:
$25
Original Coupon:
The initial dividend will be payable on March 31, 2010 and will be sh.2811 per share. The annual fixed dividend rate (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 2.30%. 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.