Brookfield Corporation has announced:
that after having taken into account all election notices received by the deadline for the conversion of its Cumulative Class A Preference Shares, Series 30 (the “Series 30 Shares”)(TSX: BN.PR.Z) into Cumulative Class A Preference Shares, Series 31 (the “Series 31 Shares”) and for the conversion of its Cumulative Class A Preference Shares, Series 48 (the “Series 48 Shares”) (TSX: BN.PF.J) into Cumulative Class A Preference Shares, Series 49 (the “Series 49 Shares”), there were 92,379 Series 30 Shares and 39,620 Series 48 Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series 31 Shares and Series 49 Shares, respectively. Accordingly, there will be no conversion of Series 30 Shares into Series 31 Shares, nor of Series 48 Shares into Series 49 Shares and holders of Series 30 Shares and of Series 48 Shares will retain their Series 30 Shares and Series 48 Shares, respectively.
BAM.PF.J was issued as a FixedReset, 4.75%+310M475, that commenced trading 2017-9-13 after being announced 2017-09-06. The ticker changed to BN.PF.J in December, 2022. BN.PF.J will reset at 6.229% effective 2023-1-1; I recommended conversion.
BAM.PR.Z was issued as a FixedReset, 4.80%+296, that commenced trading 2011-11-2 after being announced 2011-10-24. BAM.PR.Z reset to 4.685% effective 2018-1-1; I recommended against conversion; and there was no conversion. The ticker changed to BN.PR.Z in December, 2022. BN.PR.Z will reset at 6.089% effective 2023-1-1; I recommended conversion.
This entry was posted on Wednesday, December 21st, 2022 at 7:46 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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BN.PR.Z , BN.PF.J : No Conversion To FloatingReset
Brookfield Corporation has announced:
BAM.PF.J was issued as a FixedReset, 4.75%+310M475, that commenced trading 2017-9-13 after being announced 2017-09-06. The ticker changed to BN.PF.J in December, 2022. BN.PF.J will reset at 6.229% effective 2023-1-1; I recommended conversion.
BAM.PR.Z was issued as a FixedReset, 4.80%+296, that commenced trading 2011-11-2 after being announced 2011-10-24. BAM.PR.Z reset to 4.685% effective 2018-1-1; I recommended against conversion; and there was no conversion. The ticker changed to BN.PR.Z in December, 2022. BN.PR.Z will reset at 6.089% effective 2023-1-1; I recommended conversion.
This entry was posted on Wednesday, December 21st, 2022 at 7:46 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.