PrefBlog

BIP Investment Corporation, an indirect subsidiary of Brookfield Infrastructure Partners L.P., has announced (on 2024-10-24):

that it will be holding a special meeting of holders of senior preferred shares, series 1 (the “Preferred Shares”) on November 27, 2024 at 10:00 a.m. (Eastern time) (the “Meeting”) in a virtual format whereby holders may attend and participate via live webcast.

At the meeting, BIPIC will be seeking approval from holders of the Preferred Shares (“Preferred Shareholders”) to pass a special resolution (the “Special Resolution”) to permit the redemption of the Preferred Shares by BIPIC at any time on not less than three business days’ notice for an amount in cash equal to C$26.75 per Preferred Share (the “Enhanced Redemption Price”). If the Special Resolution is approved, BIPIC intends to provide notice promptly following the Meeting of its intention to redeem all of the outstanding Preferred Shares for the Enhanced Redemption Price (the “Redemption”).

BIPIC intends to declare a quarterly dividend for the fourth quarter of 2024 in the amount of C$0.4671875 per Preferred Share payable immediately prior to the Redemption (the “Q4 2024 Dividend”) and to elect that the Q4 2024 Dividend be deemed a capital gains dividend. The Q4 2024 Dividend, if declared, will be paid to Preferred Shareholders of record as of November 29, 2024 in addition to the Enhanced Redemption Price in the event the Special Resolution is approved at the Meeting and the Preferred Shares are redeemed by BIPIC.

Preferred Shareholders of record as of market close on October 25, 2024 will be entitled to receive notice of and vote at the Meeting. The Special Resolution must be passed by the affirmative vote of 66 2/3% of the votes cast at the Meeting.

A management information circular containing the details of the Meeting and the matters to be presented and voted on will be mailed on or about November 1, 2024 to all holders of Preferred Shares of record as of market close on October 25, 2024, and will also be available on BIPIC’s SEDAR+ profile at https://sedarplus.ca.

About Brookfield Infrastructure

Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across the Americas, Asia Pacific and Europe. We are focused on assets that have contracted and regulated revenues that generate predictable and stable cash flows. Investors can access its portfolio either through Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN), a Bermuda-based limited partnership, or Brookfield Infrastructure Corporation (NYSE, TSX: BIPC), a Canadian corporation. Further information is available at https://bip.brookfield.com.

Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with approximately US$1 trillion of assets under management. For more information, go to https://brookfield.com.

The affected issue is BIK.PR.A.

Thanks to Assiduous Reader NK for bringing this to my attention!

This entry was posted on Friday, October 25th, 2024 at 8:18 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.