BAM.PF.E : No Conversion to FloatingReset

Brookfield Asset Management Inc. has announced:

that after having taken into account all election notices received by the March 16, 2020 deadline for the conversion of its Cumulative Class A Preference Shares, Series 38 (the “Series 38 Shares”) (TSX: BAM.PF.E) into Cumulative Class A Preference Shares, Series 39 (the “Series 39 Shares”), there were 33,415 Series 38 Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series 39 Shares. Accordingly, there will be no conversion of Series 38 Shares into Series 39 Shares, and holders of Series 38 Shares will retain their Series 38 Shares.

BAM.PF.E is a FixedReset, 4.40%+255, that commenced trading 2014-3-13 after being announced 2014-3-6. It will reset to 3.568% effective 2020-4-1. I made a preliminatry recommendation not to convert. The issue is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.

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