Brookfield Announces Results of Conversion of its Series 28 Preferred Shares

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Rhea-AI Summary

Brookfield (NYSE: BAM, TSX: BAM.A) announced on June 23, 2022, that only 13,675 of the Cumulative Class A Preference Shares, Series 28, were tendered for conversion to Series 29 Shares by the June 15 deadline. This is significantly less than the required one million shares for conversion. Consequently, there will be no conversion, and holders will retain their Series 28 Shares.

Brookfield manages approximately US$725 billion in assets across various sectors, including real estate, infrastructure, and private equity, serving a diverse range of investors globally.

Positive

No conversion of Series 28 Shares provides stability for holders.
Brookfield's assets under management amount to approximately US$725 billion, indicating strong operational capabilities.

Negative

Only 13,675 Series 28 Shares converted, far below the one million required for conversion, potentially indicating low investor interest.

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06/23/2022 - 04:30 PM EDT

BROOKFIELD, NEWS, June 23, 2022 (GLOBE NEWSWIRE) -- Brookfield (NYSE: BAM, TSX: BAM.A) today announced that after having taken into account all election notices received by the June 15, 2022 deadline for the conversion of its Cumulative Class A Preference Shares, Series 28 (the “Series 28 Shares”) (TSX: BAM.PR.X) into Cumulative Class A Preference Shares, Series 29 (the “Series 29 Shares”), there were 13,675 Series 28 Shares tendered for conversion, which is less than the one million shares required to give effect to a conversion into Series 29 Shares. Accordingly, there will be no conversion of Series 28 Shares into Series 29 Shares and holders of Series 28 Shares will retain their Series 28 Shares.

About Brookfield
Brookfield (NYSE: BAM, TSX: BAM.A) is a leading global alternative asset manager with approximately US$725 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity, and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.

For more information, please visit our website at www.brookfield.com or contact:

Media	Investor Relations
Kerrie McHugh	Linda Northwood
Tel: +1 212 618-3469	+1 416 359-8647
Email: kerrie.mchugh@brookfield.com	linda.northwood@brookfield.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What happened with Brookfield's Series 28 Shares on June 23, 2022?

Brookfield announced that only 13,675 Series 28 Shares were tendered for conversion to Series 29 Shares, falling short of the one million needed for conversion.

How many Series 28 Shares were tendered for conversion?

A total of 13,675 Series 28 Shares were tendered for conversion.

What does Brookfield's announcement mean for Series 28 Shareholders?

Holders of Series 28 Shares will retain their shares as the conversion to Series 29 Shares did not occur.

How much does Brookfield manage in assets?

Brookfield manages approximately US$725 billion across various investment sectors.

What is the significance of the conversion notice for Brookfield investors?

The failure to convert shares may reflect investor sentiment and can imply lower demand for Series 29 Shares.

Brookfield Announces Results of Conversion of its Series 28 Preferred Shares