Corporate ActionJun 2, 2026, 06:07 AM
Brookfield Series 24 Shares Convertible to Series 25; Sets Q3 Dividend
AI Summary
Brookfield Corp announced that holders of its Series 24 Shares have the option to convert them into Series 25 Cumulative Class A Preference Shares on a one-for-one basis, effective June 30, 2026. The Series 25 Shares will pay quarterly floating rate dividends, with the Q3 2026 dividend set at $0.2913125 per share, payable September 30, 2026. The conversion is subject to minimum outstanding share thresholds for both series, and the Toronto Stock Exchange has conditionally approved the listing of the Series 25 Shares.
Key Highlights
- Series 24 Shares are convertible to Series 25 Cumulative Class A Preference Shares effective June 30, 2026.
- Series 25 Shares will pay quarterly floating rate dividends at 2.30% over three-month Government of Canada treasury bills.
- The Q3 2026 dividend rate for Series 25 Shares is 1.16525% (4.623% annualized).
- The Q3 2026 dividend, if declared, will be $0.2913125 per share, payable September 30, 2026.
- Automatic conversion of remaining Series 24 Shares occurs if fewer than 1,000,000 Series 24 Shares are outstanding after June 30, 2026.
- No conversion is permitted if fewer than 1,000,000 Series 25 Shares would be outstanding after June 30, 2026.
- There are currently 10,808,027 Series 24 Shares outstanding.
- The Toronto Stock Exchange has conditionally approved the listing of the Series 25 Shares upon conversion.
Price Impact
More from BN