Brookfield (NYSE: BN, TSX: BN) reported the results of the election to convert its Cumulative Class A Preference Shares, Series 24 (TSX: BN.PR.R) into Series 25. Only 1,400 Series 24 Shares were tendered, below the required 1,000,000, so no conversion will occur and holders will retain their Series 24 Shares.
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News Market Reaction – BN
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-0.43%Session close to close
In the Jun 23 session, BN declined 0.43%, reflecting a mild negative market reaction.
This announcement confirms no Series 24-to-25 conversion because only 1,400 shares were tendered ver...
Analysis
This announcement confirms no Series 24-to-25 conversion because only 1,400 shares were tendered versus the 1,000,000 threshold. It follows earlier dividend reset disclosures; investors may watch future preference share or capital-structure updates.
Key Figures
Series 24 shares tendered:1,400 sharesMinimum for conversion:1,000,000 shares
2 metrics
Series 24 shares tendered1,400 sharesNumber of Series 24 Preference Shares submitted for conversion into Series 25
Minimum for conversion1,000,000 sharesThreshold of Series 24 shares required to effect conversion into Series 25
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Key Terms
cumulative class a preference shares
1 terms
cumulative class a preference sharesfinancial
"conversion of its Cumulative Class A Preference Shares, Series 24 (the “Series 24 Shares”)"
A class A cumulative preference share is a type of preferred stock that gives its holder a higher claim on dividends and assets than common shareholders and belongs to a specific series labeled “Class A.” “Cumulative” means any dividends the company skips are recorded and must be paid later before common shareholders get paid, like a ticket that guarantees you will be served after those ahead are finished. Investors care because these shares offer more predictable income and greater protection in payouts and liquidations, though they often carry limited voting rights.
BROOKFIELD, NEWS, June 22, 2026 (GLOBE NEWSWIRE) -- Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced that after having taken into account all election notices received by the deadline for the conversion of its Cumulative Class A Preference Shares, Series 24 (the “Series 24 Shares”) (TSX: BN.PR.R) into Cumulative Class A Preference Shares, Series 25 (the “Series 25 Shares”), there were 1,400 Series 24 Shares tendered for conversion, which is less than the one million shares required to give effect to conversion into Series 25 Shares. Accordingly, there will be no conversion of Series 24 Shares into Series 25 Shares and holders of Series 24 Shares will retain their Series 24 Shares.
About Brookfield Corporation
Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Asset Management, Wealth Solutions, and our Operating Businesses which are in energy, infrastructure, private equity, and real estate.
We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).
What did Brookfield (BN) announce about its Series 24 preference share conversion on June 22, 2026?
Brookfield announced that the proposed conversion of its Cumulative Class A Preference Shares, Series 24 into Series 25 will not proceed. According to Brookfield, only 1,400 Series 24 Shares were tendered, below the required one million shares threshold.
Why will Brookfield's Series 24 preference shares (TSX: BN.PR.R) not convert into Series 25?
The Series 24 preference shares will not convert because the minimum participation requirement was not met. According to Brookfield, just 1,400 Series 24 Shares were tendered for conversion, while at least one million shares were needed to give effect to the Series 25 conversion.
What happens to holders of Brookfield's Cumulative Class A Preference Shares, Series 24 after the failed conversion?
Holders of the Cumulative Class A Preference Shares, Series 24 will keep their existing Series 24 Shares. According to Brookfield, no conversion into Series 25 Shares will occur, so investors remain in the original Series 24 issue without change from this election.
How many Brookfield Series 24 preference shares were tendered for conversion to Series 25?
A total of 1,400 Series 24 preference shares were tendered for conversion into Series 25. According to Brookfield, this figure was significantly below the minimum requirement of one million shares, preventing the automatic creation of the Series 25 share series.
What was the minimum threshold for Brookfield (BN) to convert Series 24 shares into Series 25 shares?
The minimum threshold was one million Series 24 Shares tendered for conversion to Series 25. According to Brookfield, participation reached only 1,400 shares, so the specified requirement was not satisfied and no Series 24 to Series 25 conversion will take place.
