Brookfield announces dividend for 2023 for the manager and the corporation | Daily News Byte

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It also provides additional details on the Series 8 and 9 Class A Preferred Shares in connection with the Arrangement

BROOKFIELD, NEWS, Dec. 06, 2022 (GLOBE NEWSWIRE) — Brookfield Asset Management Inc. (NISE: BAM, TSX: BAM.A) (“Brookfield”) and Brookfield Asset Management Ltd. (the “Manager”) today announced jointly the expected dividends for 2023 for the Corporation (defined below) and the Manager.

As previously announced, the transaction for the public listing and distribution of a 25% interest in Brookfield’s asset management business, through the Manager, through a plan of arrangement (the “Arrangement”) is expected to become effective at the close of business on December 9, 2022. Upon entry into force of the agreement, Brookfield Asset Management Inc. will be renamed Brookfield Corporation (the “Corporation”).

Starting in the first quarter of 2023.

1. The Corporation is expected to pay a quarterly dividend of $0.07 per Class A Corporation Restricted Voting Share (representing $0.28 per annum) and;
2. The Manager is expected to pay a quarterly dividend of $0.32 per Class A Manager Restricted Voting Share.

Combined, and assuming the Corporation’s stockholders retain their management shares received in the Arrangement, the Corporation’s quarterly dividend of $0.07 per share and the manager’s quarterly dividend of $0.32 per share (equivalent to $0.08 per share held today, adjusted for shares distributed to the public ), would be $0.15 per current Class A share; which represents 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 for the Series 8 and 9 Class A Preferred Shares in connection with the Arrangement

Brookfield also announced that holders of the Corporation’s Series 8 Class A Preferred Stock will receive 0.1030 of a Manager Class A Restricted Voting Share and 51 new Series A Preferred Shares for each Series 8 Preferred Share held. Holders of the Corporation’s Series 9 Class A Preferred Stock will receive 0.1010 Managerial Class A Restricted Voting Shares and Series 52 New Class A Preferred Shares for each Series 9 Preferred Share held. The redemption price of the New Preferred Shares, adjusted to reflect the receipt of Managerial Class A Restricted Voting Shares, will be 22 C$.44 per share of Series 51 (to be received by holders of Series 8 shares) and C$22.00 per share to Series 52 (to be received by holders of Series 9 shares).

About Brookfield

Brookfield (NISE: BAM, TSX: BAM.A) is a leading global alternative asset manager with over $750 billion in assets under management in real estate, infrastructure, renewables and transition, private equity and credit. Brookfield owns and manages fixed assets and businesses, many of which form the backbone of the global economy. Leveraging its global reach, access to large capital and operational expertise, Brookfield offers a range of alternative investment products to investors worldwide — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.

Please note that Brookfield’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR and may also be found in the investor 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, visit our website at www.brookfield.com or contact:

Forward-looking statements

Information in this press release that is not a historical fact is “forward-looking information.” This press release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Canadian provincial securities laws 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 in all applicable Canadian securities regulations. Forward-looking statements are commonly identified by words such as “expect,” “anticipate,” “believe,” “anticipate,” “could,” “estimate,” “target,” “intend,” “plan,” ” seek”, “strive”, “will”, “can” and “should” and similar expressions. Forward-looking statements reflect current estimates, beliefs and assumptions, which are based on Brookfield’s and the Manager’s perceptions of historical trends, current conditions and expected future developments, and other factors that Brookfield’s and the Manager’s management believe are appropriate under the circumstances. Brookfield’s and management’s estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such are subject to change. Brookfield and the Manager can give no assurance that such estimates, beliefs and assumptions will prove to be correct.

This press release contains forward-looking statements regarding Brookfield’s and Management’s beliefs about the timing and manner of completion of the Arrangement and statements that reflect management’s expectations regarding its business, operations, financial condition, expected financial results, performance, prospects, opportunities, priorities, goals, objectives, current goals, strategies and prospects of the Corporation and the Manager, including management’s expectations regarding future dividends payable by each Corporation and the Manager following the completion of the Arrangement. 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, waivers or meeting other requirements necessary or desirable to permit or facilitated the completion of the Arrangement; future factors that may arise that make it inadvisable to proceed with or to postpone all or part of the Arrangement; the potential for a significant tax liability due to violations of the deferred tax rules and the expected benefit of the Arrangement.

Other factors that could cause actual results to differ materially from those anticipated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are less than target; (ii) the impact or unexpected impact of general economic, political and market factors in the countries in which Brookfield and the Manager operate, including the result of COVID-19 and related 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 these markets; (v) strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to achieve expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) ability to manage human capital appropriately; (viii) the effect of implementing future accounting changes; (ik) business competition; (k) operational and reputational risks; (ki) technological changes; (kii) changes in government regulations and legislation in the countries in which Brookfield and the Manager operate; (kiii) government investigations; (kiv) litigation; (kv) changes in tax laws; (kvi) ability to collect owed amounts; (quii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (kviii) the possible impact of international conflicts and other developments, including acts of terrorism and cyber terrorism; (kik) introduction, withdrawal, success and timing of business initiatives and strategies; (kk) failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (kki) health, safety and environmental risks; (kkii) maintaining adequate insurance; (kkiii) the existence of information barriers between certain Brookfield businesses and asset management operations; (kkiv) 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 operations of Brookfield and the Manager; and (qv) factors detailed 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 not currently known to Brookfield and the Manager or that Brookfield and the Manager currently believe are not material may also cause actual results or events to differ materially from those expressed or implied by statements containing forward-looking information. Readers are cautioned not to place undue reliance on the forward-looking statements included in this press release, which are made as of the date of this press release, and not to use such information for anything other than their 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 applicable law.