BIP Investment Corporation Plans Special Meeting for Preferred Shares Redemption
BIP Investment Corporation (“BIPIC”) (TSX: BIK.PR.A), part of the Brookfield family, has announced that it will be hosting a pivotal meeting for holders of its senior preferred shares series 1. This gathering is scheduled in a virtual format, allowing participants to join from anywhere, and is set to take place to discuss significant financial decisions regarding the company’s Preferred Shares.
Meeting Details and Special Resolution
The meeting is aimed at securing approval for a Special Resolution that would authorize BIPIC to redeem its outstanding Preferred Shares at a price of C$26.75 each. This price reflects the Enhanced Redemption Price, which BIPIC intends to execute with no less than a three-business-day notice post-approval. If shareholders support this resolution, the company will promptly communicate its intent to proceed with the redemption.
Quarterly Dividend Announcement
In conjunction with the planned redemption, BIPIC is looking to declare a quarterly dividend for the fourth quarter. This dividend is projected to be C$0.4671875 per Preferred Share, to be distributed right before the redemption occurs. Additionally, BIPIC plans for this dividend to be classified as a capital gains dividend for better investor benefit. Eligible shareholders will receive their dividends as per the records maintained until the specified date.
Who Can Participate in the Meeting?
To participate in this significant meeting, Preferred Shareholders must be on record as of the market close on a designated date. These participants will be granted the right to vote on the proposed Special Resolution. The approval threshold requires a significant 66 2/3% majority of those voting.
Management Information Circular
In preparation for the meeting, BIPIC will send out a management information circular that details the agenda and items up for discussion. This information will be distributed to all Preferred Shareholders recorded by a specific cut-off date, ensuring that everyone is well-informed before the critical vote.
About Brookfield Infrastructure
Brookfield Infrastructure stands as a premier global enterprise specializing in infrastructure management. With interests spanning utilities, transportation, midstream services, and data sectors worldwide, it prides itself on assets that deliver stable and contractually regulated revenue streams. Investors can engage with these assets through various affiliates, such as Brookfield Infrastructure Partners L.P. and Brookfield Infrastructure Corporation, both of which offer compelling investment opportunities.
Brookfield’s Asset Management Overview
The company thrives within the extensive umbrella of Brookfield Asset Management, which boasts approximately US$1 trillion in assets. This extensive infrastructure portfolio emphasizes sustainable earnings, drawing investors interested in long-term growth and steady revenues.
Contacting BIP Investment Corporation
For further inquiries regarding the upcoming meeting or investment opportunities, stakeholders can reach out to BIPIC’s communications and investor relations professionals. Their contact details are readily available, ensuring that investors and interested parties can easily connect with the relevant representatives to discuss their concerns or gain more insights.
Frequently Asked Questions
What is the purpose of the BIP Investment Corporation meeting?
The meeting aims to seek approval from Preferred Shareholders for the redemption of shares at an Enhanced Redemption Price.
How much will the dividend be if declared?
BIPIC intends to declare a quarterly dividend of C$0.4671875 per Preferred Share.
What is required for the Special Resolution to pass?
A minimum of 66 2/3% of votes cast at the meeting is needed for approval.
When is the record date for voting?
Preferred Shareholders of record as of market close will be eligible to vote at the meeting.
Who manages Brookfield Infrastructure?
Brookfield Infrastructure is managed by Brookfield Asset Management, a leading alternative asset manager focusing on long-term investments in various sectors.
