BIP Investment Corporation Announces Results of Special Meeting and Intention to Redeem Series 1 Preferred Shares
Rhea-AI Summary
BIP Investment (BIPIC), a subsidiary of Brookfield Infrastructure Partners, announced the approval of a special resolution at a shareholders' meeting to allow the redemption of Series 1 Preferred Shares with a shortened notice period. The resolution passed with 80.30% votes in favor. Following this approval, BIPIC plans to redeem all outstanding Preferred Shares on December 5, 2024, at C$26.75 per share. Shareholders of record as of November 29, 2024, will also receive a final quarterly dividend of C$0.4671875 per share.
Positive
- Successful approval of special resolution with 80.30% shareholder support
- Clear exit strategy for preferred shareholders with defined redemption price of C$26.75 per share
- Additional final quarterly dividend of C$0.4671875 per share to be paid
Negative
- Forced redemption of preferred shares may impact investors seeking steady dividend income
News Market Reaction 1 Alert
On the day this news was published, BIP declined 0.65%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
BROOKFIELD, NEWS, Dec. 02, 2024 (GLOBE NEWSWIRE) -- BIP Investment Corporation (“BIPIC”) (TSX: BIK.PR.A), an indirect subsidiary of Brookfield Infrastructure Partners L.P. (“Brookfield Infrastructure”) (NYSE: BIP; TSX: BIP.UN), today announced the voting results from the special meeting of holders of its senior preferred shares, series 1 (the “Preferred Shares”) held today in a virtual meeting format (the “Meeting”). BIPIC also announced that it intends to redeem all of the outstanding Preferred Shares for cash on December 5, 2024.
Results of Special Meeting
The special resolution (“Special Resolution”) to permit the redemption of the Preferred Shares by BIPIC at any time on not less than three business days’ notice for an amount in cash equal to C
The following is a summary of the votes cast by holders of Preferred Shares with respect to the Special Resolution:
| Votes For | % | Votes Against | % |
| 451,956 | 110,901 |
A summary of all votes cast by holders of the Preferred Shares represented at the Meeting is available on SEDAR+ at https://sedarplus.ca/.
Redemption of Preferred Shares
BIPIC has provided notice of its intention to redeem all of the outstanding Preferred Shares for cash on December 5, 2024. The redemption price for each Preferred Share will be C
About Brookfield Infrastructure
Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across the Americas, Asia Pacific and Europe. We are focused on assets that have contracted and regulated revenues that generate predictable and stable cash flows. Investors can access its portfolio either through Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN), a Bermuda-based limited partnership, or Brookfield Infrastructure Corporation (NYSE, TSX: BIPC), a Canadian corporation. Further information is available at https://bip.brookfield.com.
Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with over US
Contact Information
| Media: | Investors: |
| Simon Maine | Stephen Fukuda |
| Managing Director | Senior Vice President |
| Corporate Communications | Corporate Development & Investor Relations |
| Tel: +44 739 890 9278 | Tel: +1 416 956 5129 |
| Email: simon.maine@brookfield.com | Email: stephen.fukuda@brookfield.com |
Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities laws. The words, “will”, “intend” and “expect” or derivations thereof and other expressions which are predictions of or indicate future events, trends or prospects, and which do not relate to historical matters, identify forward-looking statements. Forward-looking statements in this news release include statements regarding BIPIC’s intentions with respect to the redemption of the Preferred Shares and the payment of BIPIC’s regular quarterly dividend in respect of the Preferred Shares. Factors that could cause actual results, performance, achievements or events to differ from current expectations include, among others, risks and uncertainties related to: obtaining approvals or satisfying other requirements necessary or desirable to permit or facilitate the redemption of the Preferred Shares; and business cycles, including general economic conditions. Although Brookfield Infrastructure believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements or information in this news release. The future performance and prospects of Brookfield Infrastructure are subject to a number of known and unknown risks and uncertainties.
Factors that could cause actual results of Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this news release are described in the documents filed by Brookfield Infrastructure with the securities regulators in Canada and the United States including under “Risk Factors” in Brookfield Infrastructure’s most recent Annual Report on Form 20-F and other risks and factors that are described therein. Except as required by law, Brookfield Infrastructure undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
FAQ
What is the redemption price for BIP Investment 's Series 1 Preferred Shares?
When will BIP Investment redeem its Series 1 Preferred Shares?
What was the voting result for BIP's special resolution on preferred share redemption?
What is the final dividend amount for BIP Series 1 Preferred shareholders?
