Brookfield Asset Management Inc. has announced:
that 147,537 of its Cumulative Class A Preference Shares, Series 26 (the “Series 26 Shares”) (TSX: BAM.PR.T) and 27,550 of its Cumulative Class A Preference Shares, Series 46 (the “Series 46 Shares”) (TSX: BAM.PF.I), were tendered for conversion into Cumulative Class A Preference Shares, Series 27 (the “Series 27 Shares”) and Cumulative Class A Preference Shares, Series 47 (the “Series 47 Shares”), respectively.
After taking into account all shares tendered for conversion, there would be less than one million shares outstanding for each of the Series 27 Shares and the Series 47 Shares, as of March 31, 2022, the conversion date. Accordingly, as provided in the share conditions of each of the series, there will be no conversion of Series 26 Shares into Series 27 Shares, nor of Series 46 Shares into Series 47 Shares and holders of Series 26 Shares and of Series 46 Shares will retain their Series 26 Shares and Series 46 Shares, respectively.
BAM.PR.T was issued as a FixedReset, 4.50%+231, that commenced trading 2010-10-29 after being announced 2010-10-21. In 2017 it reset to 3.471%; I recommended against conversion; and there was no conversion. In 2022, the issue reset to 3.846%.
This entry was posted on Tuesday, March 22nd, 2022 at 8:56 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.T : No Conversion To FloatingReset
Brookfield Asset Management Inc. has announced:
BAM.PR.T was issued as a FixedReset, 4.50%+231, that commenced trading 2010-10-29 after being announced 2010-10-21. In 2017 it reset to 3.471%; I recommended against conversion; and there was no conversion. In 2022, the issue reset to 3.846%.
This entry was posted on Tuesday, March 22nd, 2022 at 8:56 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.