Brookfield Asset Management Ltd | Cumulative Class A Preference Shares, Series 26 (BAM.PRT.CA)
Prospectus excerpt: The holders of the Series 26 Preferred Shares are entitled to receive quarterly fixed cumulative preferential cash dividends, as and when declared by the board of directors payable quarterly on the last business day of March, June, September and December in each year at an annual rate of $1.125 per share until March 31, 2017. The initial dividend will be payable on December 31, 2010 and will be $0.1942 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 2.31%. The annual fixed dividend for each such period will be equal to the applicable Annual Fixed Dividend Rate multiplied by $25.00.
Subject to certain restrictions, the holders of the Series 26 Preferred Shares have the right on any Conversion Date to convert any or all of the Series 26 Preferred Shares held by them for Cumulative Class A Preference Shares, Series 27 of the company (the “Series 27 Preferred Shares”), on a one-for-one basis. Such a conversion of Series 26 Preferred Shares for Series 27 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 26 Preferred Shares automatically convert into Series 27 Preferred Shares, on a one-for-one basis.
Shares Offered:
10000000
Liquidation Preference:
$25
Original Coupon:
The initial dividend will be payable on December 31, 2010 and will be sh.1942 per share. 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 2.31%. 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.