Brookfield Reveals New Dividend Rate for Series 40 Shares
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Brookfield Corporation Sets New Dividend Rate
Brookfield Corporation (NYSE: BN, TSX: BN) has recently announced an exciting update regarding its Cumulative Class A Preference Shares, Series 40 (referred to as "Series 40 Shares"). For the period starting October 1, 2024, and continuing through September 30, 2029, Brookfield has determined a fixed dividend rate for these shares.
Details of the Dividend Rate
The anticipated fixed quarterly dividends on the Series 40 Shares are planned to be paid at an annual rate of 5.833%. This translates to approximately $0.3645625 per share every quarter. The announcement indicates an expectation of solid returns for holders of these shares, reflecting Brookfield's commitment to its investors.
Conversion Rights for Shareholders
Investors holding Series 40 Shares will have the option to convert them into Cumulative Class A Preference Shares, Series 41 (known as “Series 41 Shares”). This option must be exercised by 5:00 p.m. (Toronto time) on September 16, 2024. Conversion will allow shareholders to exchange their Series 40 Shares on a one-for-one basis for Series 41 Shares starting September 30, 2024.
Expectations for Series 41 Shares
The Series 41 Shares will feature quarterly floating rate dividends, set to be 2.86% above the annual yield on three-month Government of Canada treasury bills. For the first dividend period, which spans from October 1, 2024, to December 31, 2024, the actual quarterly dividend rate for the Series 41 Shares is forecasted to be 1.78077%, or 7.065% annualized, resulting in a payable amount of $0.4451925 per share.
Conditions for Conversion
There are specific stipulations regarding conversion. Should Brookfield determine that there would be fewer than 1,000,000 Series 40 Shares outstanding after September 30, 2024, all remaining Series 40 Shares will automatically convert to Series 41 Shares, maintaining the one-for-one exchange rate.
About Brookfield Corporation
As a prominent global investment firm, Brookfield Corporation specializes in fostering long-term wealth creation for institutions and individuals alike. The firm is structured around three primary areas: Alternative Asset Management, Wealth Solutions, and Operating Businesses, the last of which encompasses sectors such as renewable energy, infrastructure, industrial services, and real estate.
Brookfield boasts a remarkable track record of over 30 years, delivering annualized returns exceeding 15% to its shareholders, supported by its unparalleled investment expertise and operational capabilities. The company operates on a conservatively managed balance sheet and has an extensive global sourcing network, positioning it to consistently seize unique investment opportunities. The Brookfield Ecosystem plays a crucial role in this success, as it integrates various groups within Brookfield to foster mutual benefits and shared growth.
Contact Information
For those interested in more details about Brookfield Corporation or its financial practices, please reach out to the following contacts:
Communications & Media
Kerrie McHugh
Telephone: (212) 618-3469
Email: kerrie.mchugh@brookfield.com
Investor Relations
Linda Northwood
Telephone: (416) 359-8647
Email: linda.northwood@brookfield.com
Frequently Asked Questions
What is the fixed dividend rate for Series 40 Shares?
The fixed dividend rate for Series 40 Shares has been set at 5.833% annually, which amounts to $0.3645625 per share per quarter.
Can shareholders convert their Series 40 Shares?
Yes, shareholders can elect to convert their Series 40 Shares into Series 41 Shares on a one-for-one basis, provided they do so by 5:00 p.m. (Toronto time) on September 16, 2024.
What is the expected dividend for Series 41 Shares?
The expected dividend for Series 41 Shares for the first period is $0.4451925 per share, calculated with a quarterly floating rate.
How does Brookfield ensure long-term wealth for its investors?
Brookfield focuses on a diversified investment strategy, leveraging its extensive operational experience and a conservatively managed balance sheet to deliver strong annualized returns.
Where can I find more information about Brookfield Corporation?
For more information, you can visit the official website at www.bn.brookfield.com or refer to their communication channels mentioned above.
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