Brookfield Announces Results of Conversion of its Series 26 and Series 46 Preference Shares

Rhea-AI Summary

Brookfield Asset Management (NYSE: BAM) reported that a total of 147,537 Series 26 Preference Shares and 27,550 Series 46 Preference Shares were tendered for conversion into Series 27 and Series 47 Preference Shares, respectively. However, with less than one million shares outstanding for each new series by the conversion date of March 31, 2022, these conversions will not occur. Holders will retain their original shares. Brookfield manages approximately US$690 billion in assets across various sectors, indicating its strong position in the global alternative asset management market.

Positive

• Brookfield manages approximately US$690 billion in assets.
• Company maintains strong position in alternative asset management.

Negative

• No conversions of Series 26 and Series 46 Shares will occur, potentially reducing liquidity for those shares.

BROOKFIELD, NEWS, March 21, 2022 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A) (“Brookfield”) today announced that 147,537 of its Cumulative Class A Preference Shares, Series 26 (the “Series 26 Shares”) (TSX: BAM.PR.T) and 27,550 of its Cumulative Class A Preference Shares, Series 46 (the “Series 46 Shares”) (TSX: BAM.PF.I), were tendered for conversion into Cumulative Class A Preference Shares, Series 27 (the “Series 27 Shares”) and Cumulative Class A Preference Shares, Series 47 (the “Series 47 Shares”), respectively.

After taking into account all shares tendered for conversion, there would be less than one million shares outstanding for each of the Series 27 Shares and the Series 47 Shares, as of March 31, 2022, the conversion date. Accordingly, as provided in the share conditions of each of the series, there will be no conversion of Series 26 Shares into Series 27 Shares, nor of Series 46 Shares into Series 47 Shares and holders of Series 26 Shares and of Series 46 Shares will retain their Series 26 Shares and Series 46 Shares, respectively.

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About Brookfield

Brookfield (NYSE: BAM, TSX: BAM.A) is a leading global alternative asset manager with approximately US$690 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

What happened to Brookfield Asset Management's preference shares on March 31, 2022?

147,537 Series 26 and 27,550 Series 46 preference shares were tendered for conversion, but conversions did not take place due to fewer than one million shares outstanding.

What are Brookfield Asset Management's Series 26 and Series 46 preference shares?

They are classes of Brookfield's cumulative preference shares that were subject to conversion into Series 27 and Series 47 shares.

How much capital does Brookfield Asset Management manage?

Brookfield manages approximately US$690 billion in assets across various sectors.

Will Series 26 and Series 46 preference shareholders see any changes?

Holders of Series 26 and Series 46 shares will retain their original shares as conversions are not happening.