Brookfield Asset Management Inc.; Brookfield Asset Management Ltd.
Also provides additional details on the Series 8 and 9 Class A Preferred Stock in relation to the Arrangement
BROOKFIELD, NEWS, Dec. 06, 2022 (GLOBE NEWSWIRE) — Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A) (“Brookfield”) and Brookfield Asset Management Ltd. (the “Manager”) today jointly announced the expected dividends for the year 2023 for the Company (as defined below) and the Manager.
As previously announced, the transaction for the Manager’s public listing and distribution of a 25% interest in Brookfield’s wealth management business by way of a settlement plan (“Agreement”) is expected to be effective at close of business December 9, 2022. Upon the Effective Date of the Agreement, Brookfield Asset Management Inc. will be renamed Brookfield Corporation (the “Company”).
From the first quarter of 2023:
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The Company is expected to pay a quarterly dividend of $0.07 per Class A voting share of the Company (equivalent to $0.28 per annum) and;
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The Manager is expected to pay a quarterly dividend of $0.32 per Class A Limited Voting Manager share.
Combined and assuming that Company stockholders retain their manager shares received under the Arrangement, the Company’s quarterly dividend of $0.07 per share and the quarterly manager’s dividend of $0.32 per share (equivalent to $0.08 per share held today, adjusted for shares distributed to the public). ) would equate to $0.15 per current Class A share; which corresponds to an increase of 7%.
Brookfield shareholders of record on November 30, 2022 will receive the previously announced fourth quarter 2022 dividend of $0.14 on December 30, 2022.
Additional details on the Series 8 and 9 Class A Preferred Stock in relation to the Arrangement
Brookfield also announced that holders of the Company’s Series 8 Class A Preferred stock will receive 0.1030 of a Manager’s Class A voting share and one new Series 51 Class A Preferred share for each Series 8 Preferred share held. Holders of the Company’s Series 9 Class A Preferred Stock will receive 0.1010 of a Manager’s Class A voting share and one new Series 52 Class A Preferred stock for each Series 9 Preferred share held. The redemption price of the New Preferred Stock, the adjusted to reflect the receipt of the Manager’s Class A Limited Voting Shares is $22.44 per Series 51 share (received by holders of Series 8 shares) and $22.00 per Series 52 share (from holders of Series 9 Shares).
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About Brookfield
Brookfield (NYSE: BAM, TSX: BAM.A) is a leading global alternative wealth manager with over $750 billion in assets under management across real estate, infrastructure, renewable energy and energy transition, private equity and credit. Brookfield owns and operates enduring assets and businesses, many of which form the backbone of the world economy. Leveraging its global reach, access to extensive capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world – including public and private pension plans, endowments, sovereign wealth funds, financial institutions, insurance companies and more private wealth investors.
Please note that Brookfield’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR and can also be found in the Investors section of its website at www.brookfield.com. Hard copies of the annual and quarterly reports are available free of charge upon request.
For more information, please visit our website at www.brookfield.com or contact:
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Forward-Looking Statements
Information in this press release that is not historical fact constitutes “forward-looking information.” This press release contains “forward-looking information” within the meaning of the provincial securities laws of Canada and “forward-looking statements” within the meaning of the provincial securities laws of Canada and “forward-looking statements” within the meaning of the US Securities Act of 1933 , the US Securities Exchange Act of 1934 and the ” Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995 and all applicable Canadian securities regulations. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “anticipate”, “could”, “estimate”, “goal”, “intend”, “plan”, “aim”. , “seek”, “will”, “may” and “should” and similar expressions. Forward-looking statements reflect current estimates, beliefs and assumptions based on Brookfields and the Manager’s perception of historical trends, current conditions and expected future developments, as well as other factors that Brookfields and the Manager’s management believe are reasonable under the circumstances. By their nature, Brookfield’s and the Manager’s estimates, beliefs and assumptions are subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and are therefore subject to change. Brookfield and the Manager cannot guarantee that such estimates, beliefs and assumptions will prove to be correct.
This press release contains forward-looking statements regarding Brookfield’s and Manager’s beliefs as of the timing and manner of entering into the Agreement and statements that provide management’s expectations regarding its operations, business, financial condition, anticipated financial results, performance reflecting the prospects, opportunities and priorities, goals, objectives, ongoing objectives, strategies and prospects of the Company and the Manager, including management’s expectations of future dividends to be paid by the Company and the Manager after the closing of the Agreement are paying. Factors that could cause actual results, performance, achievements or events to differ from current expectations include, among others, risks and uncertainties related to: obtaining any approvals, waivers, or satisfying other requirements that may be required or are desirable to enable or facilitate the completion of the Agreement; future factors that may arise that make it inadvisable to proceed with or postpone all or part of the Agreement; the possibility of significant tax liability for a breach of the spinoff’s tax deferral rules and the anticipated benefits of the arrangement.
Other factors that could cause actual results to differ materially from those contemplated or implied by any forward-looking statements include, but are not limited to: (i) investment returns being lower than targeted; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which Brookfield and the Manager do business, including as a result of COVID-19 and the associated global economic disruptions; (iii) the behavior of financial markets, including fluctuations in interest rates and exchange rates; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within those markets; (v) strategic measures including orders; the ability to complete and effectively integrate acquisitions into existing operations and the ability to realize anticipated benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties related to critical accounting assumptions and estimates); (vii) the ability to manage human capital appropriately; (viii) the effect of applying future accounting changes; (ix) commercial competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in governmental regulations and laws in the countries in which Brookfield and the Manager operate; (xiii) regulatory investigations; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the potential impact of international conflicts and other developments, including acts of terrorism and cyberterrorism; (xix) introduction, withdrawal, success and timing of business initiatives and strategies; (xx) failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) maintaining adequate insurance coverage; (xxiii) the existence of information barriers between certain companies within Brookfield and the asset management operations; (xxiv) risks specific to Brookfield’s business segments, including Brookfield’s real estate, renewable energy and transition, infrastructure, private equity, credit and residential development activities and the asset management activities of Brookfield and the Manager; and (xxv) factors set out from time to time in documents filed by Brookfield and the Manager with securities regulators in Canada and the United States. Other factors, risks and uncertainties of which Brookfield and the Manager are currently unaware or which Brookfield and the Manager currently do not believe are material could also cause actual results or events to differ materially from the forward-looking information expressed or implied by any statements differ. Readers are cautioned not to place undue reliance on any statements containing forward-looking information contained in this press release and made as of the date of this press release and not to use such information for any purpose other than its intended purpose. Brookfield and the Manager disclaim any obligation or intention to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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