Press release from Marketwire
Brookfield Asset Management Announces Results of Conversion of Its Series 8 and Series 9 Preferred Shares
Thursday, October 20, 2011
TORONTO, ONTARIO--(Marketwire - Oct. 20, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES.
Brookfield Asset Management Inc. (TSX:BAM)(NYSE:BAM)(EURONEXT:BAMA) today announced the results of the exercise of the conversion privilege for its Class A Preference Shares, Series 8 (the "Series 8 Preferred Shares") (TSX:BAM.PR.E) and its Class A Preference Shares, Series 9 (the "Series 9 Preferred Shares") (TSX:BAM.PR.G).
Holders of the company's Series 8 Preferred Shares and Series 9 Preferred Shares had the right to exchange their shares for the other series effective November 1, 2011, if they submitted an election to convert their shares on or prior to October 18, 2011. Holders of 927,590 Series 8 Preferred Shares have elected to convert these shares into an equivalent number of Series 9 Preferred Shares, and holders of 774,036 Series 9 Preferred Shares have elected to convert these shares into an equivalent number of Series 8 Preferred Shares.
These conversions will be effective on November 1, 2011. Following these conversions, there will be 1,652,394 Series 8 Preferred Shares and 6,347,606 Series 9 Preferred Shares issued and outstanding.
The Series 8 Preferred Shares pay a monthly floating rate dividend based on the Prime Rate, adjusted to reflect the trading price of these shares. The most recent monthly dividend paid on these shares on October 12, 2011 reflected an annualized dividend rate of 3.00%. The Series 9 Preferred Shares pay a quarterly dividend which is reset every five years based on a percentage of the five-year rate offered on Government of Canada bonds at the time. As previously announced, the annual rate on the Series 9 Preferred Shares has been reset at 3.80% commencing with the dividend payable on February 1, 2012.
Holders of the company's Series 8 and Series 9 Preferred Shares will again have the opportunity to convert their shares into the other series effective November 1, 2016 and every five years thereafter.
The Series 8 and Series 9 Preferred Shares may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act.
Brookfield Asset Management Inc. is a global alternative asset manager with approximately $150 billion in assets under management. We have over a 100-year history of owning and operating assets with a focus on real estate, infrastructure, power and private equity. We have a range of public and private investment products and services, which leverage our expertise and experience and provide us with a distinct competitive advantage in the markets where we operate. Brookfield is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on NYSE Euronext under the symbol BAMA. For more information, please visit our web site at www.brookfield.com.
Note: This press release contains forward-looking information within the meaning of Canadian provincial securities laws and other "forward looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Conditional verbs such as "will" and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Forward-looking information in this news release includes statements with regards to the conversion of the Series 8 and Series 9 Preferred Shares. Although Brookfield believes that the anticipated future results or achievements expressed or implied by the forward-looking statements and information is based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: general economic conditions; interest rate changes; availability of equity and debt financing; the performance of the company's shares or the stock exchanges generally; and other risks and factors described from time to time in the documents filed by the company with the securities regulators in Canada and the United States including in Management's Discussion and Analysis under the heading "Business Strategy, Environment and Risks". The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andrew Willis Media: Brookfield Asset Management Inc. SVP, Communications & Media (416) 369-8236 (416) 363-2856 (FAX) email@example.com
Katherine Vyse Investors: Brookfield Asset Management Inc. SVP, Investor Relations (416) 369-8246 (416) 363-2856 (FAX) firstname.lastname@example.org www.brookfield.com