BROOKFIELD, NEWS, March 04, 2024 (GLOBE NEWSWIRE) -- Brookfield Corporation
("Brookfield") (NYSE: BN, TSX: BN) today announced that it has determined the
fixed dividend rate on its Cumulative Class A Preference Shares, Series 34
("Series 34 Shares") (TSX: BN.PF.B) for the five years commencing April 1, 2024
and ending March 31, 2029.
If declared, the fixed quarterly dividends on the Series 34 Shares during the
five years commencing April 1, 2024 will be paid at an annual rate of 6.145%
($0.3840625 per share per quarter).
Holders of Series 34 Shares have the right, at their option, exercisable not
later than 5:00 p.m. (Toronto time) on March 18, 2024, to convert all or part of
their Series 34 Shares, on a one-for-one basis, into Cumulative Class A
Preference Shares, Series 35 (the "Series 35 Shares"), effective March
31, 2024. The quarterly floating rate dividends on the Series 35 Shares will be
paid at an annual rate, calculated for each quarter, of 2.63% over the annual
yield on three-month Government of Canada treasury bills. The actual quarterly
dividend rate in respect of the April 1, 2024 to June 30, 2024 dividend period
for the Series 35 Shares will be 1.89754% (7.611% on an annualized basis) and
the dividend, if declared, for such dividend period will be $0.474385 per share,
payable on June 30, 2024.
Holders of Series 34 Shares are not required to elect to convert all or any part
of their Series 34 Shares into Series 35 Shares.
As provided in the share conditions of the Series 34 Shares, (i) if Brookfield
determines that there would be fewer than 1,000,000 Series 34 Shares outstanding
after March 31, 2024, all remaining Series 34 Shares will be automatically
converted into Series 35 Shares on a one-for-one basis effective March
31, 2024; and (ii) if Brookfield determines that there would be fewer than
1,000,000 Series 35 Shares outstanding after March 31, 2024, no Series 34 Shares
will be permitted to be converted into Series 35 Shares. There are currently
9,876,735 Series 34 Shares outstanding.
The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the
Series 35 Shares effective upon conversion. Listing of the Series 35 Shares is
subject to Brookfield fulfilling all the listing requirements of the TSX.
About Brookfield Corporation
Brookfield Corporation is a premier global wealth manager for institutions and
individuals around the world. With one of the largest pools of discretionary
capital globally, we invest in real assets that form the backbone of the global
economy to deliver attractive risk-adjusted returns to our stakeholders. We do
this three ways: directly with our $150 billion of capital, through Brookfield
Asset Management, one of the leading global alternative asset managers with over
$900 billion of assets under management, and through our Insurance Solutions
business which today has $60 billion of assets. Over the long term, we are
focused on delivering 15%+ annualized returns to our shareholders. Brookfield
Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).
For more information, please contact:
Communications & Media Investor Relations
Kerrie McHugh Linda Northwood
Tel: (212) 618-3469 Tel: (416) 359-8647
Email: kerrie.mchugh@brookfield.com Email: linda.northwood@brookfield.comÂ