BIP Investment Corporation Announces Adjournment of Special Meeting

Rhea-AI Summary

BIP Investment (BIPIC) announced the adjournment of its special meeting for holders of senior preferred shares, series 1, from November 27 to December 2, 2024. The virtual meeting will consider a special resolution to amend preferred shares terms, allowing BIPIC to redeem them at $26.75 per share with three business days' notice. Shareholders can submit proxy votes until November 28, 2024, at 5:00 p.m. Eastern Time.

Positive

• Clear redemption price established at $26.75 per preferred share
• Short notice period of three business days provides operational flexibility

Negative

• Sudden meeting adjournment might indicate lack of shareholder support
• Short notice period for redemption could limit shareholders' ability to plan

Insights

Financial Analyst

This is a procedural announcement regarding a special meeting adjournment for preferred shareholders, with potential implications for BIP Investment 's capital structure. The key focus is a proposed amendment that would allow for early redemption of preferred shares at $26.75 per share with just three business days' notice.

While this flexibility could benefit the company's capital management strategy, the shortened notice period and fixed redemption price warrant attention. For preferred shareholders, this amendment could impact their investment horizon and yield expectations. The redemption price of $26.75 per share and the compressed notification timeline suggest the company may be positioning for more agile capital structure adjustments.

BROOKFIELD, News, Nov. 27, 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 that the special meeting (the “Meeting”) of holders of its senior preferred shares, series 1 (the “Preferred Shares”) scheduled for Wednesday, November 27, 2024 at 10:00 a.m. (Eastern Time) has been adjourned to Monday, December 2, 2024 at 9:00 a.m. (Eastern time). The adjourned Meeting will be held in a virtual meeting format via live audio webcast at: https://meetings.lumiconnect.com/400-771-900-664.

Holders of Preferred Shares will be asked to consider a special resolution (the “Special Resolution”) at the adjourned Meeting that would authorize an amendment to the terms of the Preferred Shares 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 $26.75 per Preferred Share. Specific details relating to the matters to be considered at the adjourned Meeting are set forth in the management information circular dated October 25, 2024, which is available on BIPIC’s SEDAR+ profile at https://sedarplus.ca/.

If a holder of Preferred Shares still wishes to vote by proxy on the Special Resolution, BIPIC must receive such holder’s vote by 5:00 p.m. (Eastern Time) on November 28, 2024.

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$1 trillion of assets under management. For more information, go to https://brookfield.com.

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 the conduct of the Meeting. 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 new redemption price for BIP Investment 's preferred shares?

The proposed redemption price is $26.75 per Preferred Share.

When is the adjourned special meeting for BIP Investment scheduled?

The adjourned special meeting is scheduled for Monday, December 2, 2024, at 9:00 a.m. Eastern time.

What is the deadline for BIP shareholders to submit proxy votes?

Shareholders must submit their proxy votes by 5:00 p.m. Eastern Time on November 28, 2024.

What changes are being proposed to BIP's preferred shares terms?

The proposal would allow BIPIC to redeem preferred shares at any time with three business days' notice for $26.75 per share.