Brookfield Asset Management Inc. has announced:
that after having taken into account all election notices received by the June 15, 2017 deadline for the conversion of the Cumulative Class A Preference Shares, Series 28 (the “Series 28 Shares”) (TSX: BAM.PR.X) into Cumulative Class A Preference Shares, Series 29 (the “Series 29 Shares”), the holders of Series 28 Shares are not entitled to convert their Series 28 Shares into Series 29 Shares. There were 398,894 Series 28 Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series 29 Shares.
Assiduous Readers will recall that BAM.PR.X will reset at 2.727% and should now be referred to as a FixedReset, 2.727%+180. I recommended against conversion.
The issue commenced trading 2011-2-8 after being announced 2011-1-19. It has been a member of the FixedReset subindex since inception.
This entry was posted on Tuesday, June 20th, 2017 at 7:43 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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BAM.PR.X : No Conversion to FloatingReset
Brookfield Asset Management Inc. has announced:
Assiduous Readers will recall that BAM.PR.X will reset at 2.727% and should now be referred to as a FixedReset, 2.727%+180. I recommended against conversion.
The issue commenced trading 2011-2-8 after being announced 2011-1-19. It has been a member of the FixedReset subindex since inception.
This entry was posted on Tuesday, June 20th, 2017 at 7:43 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.