BAM.PF.B : No Conversion To FloatingReset

Brookfield Asset Management Inc. has announced:

that after having taken into account all election notices received by the March 18, 2019 deadline for the conversion of its Cumulative Class A Preference Shares, Series 34 (the “Series 34 Shares”) (TSX: BAM.PF.B) into Cumulative Class A Preference Shares, Series 35 (the “Series 35 Shares”), there were 53,649 Series 34 Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series 35 Shares. Accordingly, there will be no conversion of Series 34 Shares into Series 35 Shares.

BAM.PF.B is a FixedReset, 4.20%+263, that commenced trading 2012-9-12 after being announced 2012-8-23. It resets to 4.437% effective 2019-4-1. I recommended against conversion. The issue is tracked by HIMIPref™ and assigned to the FixedReset (Discount) sub-index.

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