Brookfield Corporation Announces New Dividend Rate
Brookfield Corporation (NYSE: BN, TSX: BN) has shared an exciting update regarding its Cumulative Class A Preference Shares, Series 40 (commonly known as "Series 40 Shares"). Starting from October 1, 2024, and continuing until September 30, 2029, Brookfield has established a fixed dividend rate for these shares.
Dividend Rate Details
The anticipated fixed quarterly dividends for the Series 40 Shares are set at an annual rate of 5.833%. This equates to about $0.3645625 per share every quarter. This announcement reflects Brookfield's dedication to providing solid returns for its investors.
Shareholder Conversion Rights
Investors holding Series 40 Shares will have the opportunity to convert them into Cumulative Class A Preference Shares, Series 41 (referred to as “Series 41 Shares”). This conversion option must be exercised by 5:00 p.m. (Toronto time) on September 16, 2024. Shareholders can exchange their Series 40 Shares for Series 41 Shares on a one-for-one basis starting September 30, 2024.
Anticipated Series 41 Shares Dividends
The Series 41 Shares will offer quarterly floating rate dividends, which will be set at 2.86% above the annual yield of three-month Government of Canada treasury bills. For the first dividend period, from October 1, 2024, to December 31, 2024, the projected quarterly dividend rate for the Series 41 Shares is expected to be 1.78077%, or 7.065% on an annualized basis, resulting in a payment of $0.4451925 per share.
Conversion Conditions
There are specific conditions regarding the conversion process. If Brookfield determines that there will 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 ratio.
About Brookfield Corporation
Brookfield Corporation is a leading global investment firm focused on creating long-term wealth for both institutions and individuals. The company operates in three main areas: Alternative Asset Management, Wealth Solutions, and Operating Businesses, which include sectors such as renewable energy, infrastructure, industrial services, and real estate.
With over 30 years of experience, Brookfield has consistently delivered annualized returns exceeding 15% to its shareholders, backed by its exceptional investment expertise and operational capabilities. The firm operates with a conservatively managed balance sheet and boasts a vast global sourcing network, enabling it to capitalize on unique investment opportunities. The Brookfield Ecosystem is vital to this success, as it integrates various groups within the company to promote mutual benefits and shared growth.
Contact Information
If you would like more information 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 is set at 5.833% annually, which translates to $0.3645625 per share each quarter.
Can shareholders convert their Series 40 Shares?
Yes, shareholders have the option to convert their Series 40 Shares into Series 41 Shares on a one-for-one basis, as long as they do so by 5:00 p.m. (Toronto time) on September 16, 2024.
What is the expected dividend for Series 41 Shares?
The anticipated dividend for Series 41 Shares during the first period is $0.4451925 per share, based on a quarterly floating rate.
How does Brookfield ensure long-term wealth for its investors?
Brookfield employs a diversified investment strategy, leveraging its extensive operational experience and a conservatively managed balance sheet to achieve strong annualized returns.
Where can I find more information about Brookfield Corporation?
For additional information, you can visit the official website at www.bn.brookfield.com or refer to the communication channels provided above.
