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id buy the car u pm'd with my stock profits except im over 16. did the horn play a mexican tune
BAM up over $2 yesterday and up over $1 today. Good sign!
Brookfield's Earnings Rise 1% Despite Residential Weakness
By Donna Kardos and Shirleen Dorman
Brookfield Asset Management Inc. posted a surprise 1% rise in first-quarter net income as growth in the firm's power-generation and commercial-office businesses more than offset weakness in its residential operations and higher capital expenses for development activities.
Brookfield Asset Management Upgraded by Credit Suisse
18-Jan-08 Credit Suisse Upgrade Neutral to Outperform
Yeah, kinda depressing to sit and watch all my gains wither away.
If I would have taken Pits advice and bought all CD's and bonds over the past 8-9 years..... I'd be sittin safe and pretty today. 5-10 years from now hopefully I'll be glad I diversified.
Hell, my cash hoard is kicking ass compared to my stock portfolio. lol!
And, I take it you haven't moved Crystal in yet? :~)
I agree but we are currently taking a bath and there is no one here to scrub our back and make things feel good.
I do very little stock churning. Too smart/stoopid to try and time the market. lol!
Cramer on BAM today.....
Brookfield Asset Management (BAM): 'It's run by a really smart guy from Canada. I think they're doing a good job. But it's considered to be just a terrible stock in a bear market... let's not throw it away.'
I'll get 20 shares but I'm not sure if I should be excited about it or not.
Looks like I'll get 9 shares and some change.
Brookfield Asset Management Sets Record Date for Spin-Off of Brookfield Infrastructure Partners
Thursday January 3, 8:29 am ET
TORONTO, ONTARIO--(MARKET WIRE)--Jan 3, 2008 -- Brookfield Asset Management Inc. (Toronto:BAM.TO - News)(NYSE:BAM - News) ("Brookfield") today announced that its Board of Directors has set January 14, 2008 as the record date for the previously announced spin-off of a newly created publicly-traded partnership named Brookfield Infrastructure Partners L.P. ("the Partnership", and together with its related entities, "Brookfield Infrastructure"). The spin-off will be implemented by way of a special dividend of a 60% interest in Brookfield Infrastructure to holders of Brookfield's Class A and Class B limited voting shares as of the record date. Each holder of Brookfield shares on the record date will receive one unit of the Partnership for each 25 Brookfield shares held. The special dividend will be subject to applicable withholding tax, and cash will be distributed in lieu of fractional units.
"We remain focused on enhancing shareholder value and building out each of our operating platforms to enable us to achieve our long-term goals," said Bruce Flatt, Chief Executive Officer of Brookfield Asset Management. "The spin-off of Brookfield Infrastructure Partners is another step in this direction, as it will provide investors with an attractive, focused infrastructure vehicle, facilitating access to the capital markets to fund our infrastructure growth plans."
Initially, Brookfield Infrastructure will own interests in five high-quality electricity transmission and timber operations in North America, Chile and Brazil. Going forward, Brookfield Infrastructure will serve as the primary vehicle through which Brookfield will own and operate certain infrastructure assets on a global basis. Brookfield Infrastructure will focus on high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Brookfield Infrastructure will seek acquisition opportunities where Brookfield's operations-oriented approach can be deployed to add value.
The Partnership's initial quarterly distribution has been set at $0.265 per unit and will be pro-rated for the period between the spin-off and the record date for the distribution. The first distribution will be payable on March 31, 2008 to unitholders of record on February 29, 2008.
The Partnership's units are scheduled to begin trading on January 31, 2008 on the New York Stock Exchange under the ticker symbol BIP. A copy of the final Canadian prospectus and U.S. registration statement, which describes the business and operations of Brookfield Infrastructure and various other relevant matters, including risk factors relating to its operations, may be obtained through the websites for EDGAR and SEDAR: www.sec.gov/edgar.shtml and www.sedar.com, respectively. We urge all shareholders of Brookfield Asset Management to read the Canadian prospectus and U.S. information statement fully.
Brookfield Asset Management Inc. focuses on property, power and infrastructure assets. The company has approximately $90 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM. For more information, please visit Brookfield's web site at www.brookfield.com.
Brookfield Asset Management to Acquire Hydroelectric Facility in Brazil
Friday December 21, 2:49 pm ET
Generating capacity to increase by over 50%
TORONTO, ONTARIO and RIO DE JANEIRO, BRAZIL--(MARKET WIRE)--Dec 21, 2007 -- Brookfield Asset Management Inc. (Toronto:BAM.TO - News)(NYSE:BAM - News) announced today that it has agreed to acquire 99.22% of the common shares and 100% of the Series C preferred shares in Itiquira Energetica S.A., from NRG Energy Inc. for US$288 million. The purchase is being made through Brookfield's wholly-owned subsidiary Brookfield Power.
Itiquira Energetica owns a 156 MW hydroelectric generating facility in Brazil. Located on the Itiquira River in Mato Grosso State, this facility significantly increases Brookfield's renewable energy footprint in Brazil ( from 295 MW to 451 MW. All the power produced by the facility is sold under a long-term contract expiring in 2014.
"The addition of the Itiquira facility to our renewable power portfolio is truly a noteworthy event for our operations in Brazil," commented Richard Legault, Managing Partner of Brookfield Asset Management and Co-CEO of Brookfield Power. "In addition to building on our 100-plus years of successfully owning and operating hydroelectric facilities in Brazil, the Itiquira facility also expands our operating presence in Mato Grosso State, where we will own and operate three hydroelectric facilities with a generating capacity of almost 200 MW."
With the Itiquira facility, Brookfield's power operations in Brazil will have an operating portfolio of 28 hydroelectric generating stations, mainly in the South, Southeast and Midwest regions of the country. The company has another six hydroelectric facilities under construction totaling almost 150 MW and a pipeline of hydroelectric development opportunities of over 700 MW.
The transaction completion is subject to receipt of regulatory approval and other customary closing conditions and is expected to close in the first quarter of 2008.
A Fact Sheet is available in the News section of the Brookfield Asset Management website (www.brookfield.com) or by clicking on (http://www.brookfield.com/newsroom/pressreleases/r2007/r2007-12-21.asp).
UPDATE 1-Brookfield Asset's profit slumps on depreciation
Fri Nov 2, 2007 9:02am EDT
(In U.S. dollars unless noted)
TORONTO, Nov 2 (Reuters) - Brookfield Asset Management (BAMa.TO: Quote, Profile, Research) (BAM.N: Quote, Profile, Research) said on Friday its third-quarter profit dropped by a sharp 62 percent due to depreciation on newly acquired assets.
Brookfield earned $93 million, or 13 cents a share, in the quarter ended Sept. 30, down from a profit of $245 million, or 40 cents a share, a year earlier.
Depreciation in newly acquired assets crimped income by $76 million in the quarter, the company said.
Profits were also hurt by lower output at its power generation operations amid abnormally low water conditions, continued weakness in the U.S. housing market, and an industry strike in the Canadian coastal forest products sector, Brookfield said.
Cash flow from operations, a closely watched measure by real estate firms, slipped to $321 million, or 52 cents a share, from $368 million, or 60 cents a share.
Still, Brookfield said it was on target to achieve its highest-ever yearly cash flow.
Revenue at Brookfield, an asset manager with interests in real estate and power generation, grew to $2.219 billion from $1.405 billion.
The company declared a dividend of 12 cents per class A common share, payable on Feb. 29, 2008, as well as the regular monthly and quarterly dividends on its preferred shares.
Brookfield closed the sale of its shares in Stelco Inc to U.S. Steel Corp (X.N: Quote, Profile, Research) on Oct 31. The company said it realized proceeds of nearly eight times its original investment and expects to record a pretax gain of about $250 million in the fourth quarter of 2007.
The company said it will also record a substantial gain of about $160 million in the fourth quarter from the initial public offering of the major Brazilian stock exchange, Bovespa, in which it owned seats which were converted to shares.
'The good, the bad, and the flat out ugly.' but only on that board could a quote from a sec document be deleted >>> though matt restored it after my enquiry
Sure. That's what stock chat boards should be about. The good, the bad, and the flat out ugly.
Yep, but unlike some other stocks, you will find it hard to locate a loss around here, tax or otherwise - lol.
can i mention tax loss sales here without getting deleted? lol
Nice. Portfolio's back to old highs. :~)
BAM back over $40
Brookfield Real Estate Opportunity Group Closes on Acquisition of 3.6 Million Square Foot Commercial Portfolio in the United States
Wednesday September 26, 2:38 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--Sep 26, 2007 -- Brookfield Asset Management Inc. (Toronto:BAM.TO - News)(NYSE:BAM - News) ("Brookfield") announced today its Opportunistic Real Estate Investments Group has acquired from affiliates of JPMorgan Chase & Co. (NYSE:JPM - News), a 3.6 million square foot portfolio of commercial properties in the U.S. for $300 million.
The portfolio is comprised of 52 properties and banking centers located in 14 states which include New York, Phoenix, Dallas, Houston and Chicago. This geographically diverse portfolio includes recognized properties such as:
- Chicago - The Elgin Card Services Building in suburban Chicago with 514,000 square feet;
- Phoenix - Three buildings including Sky Harbour Operations Center and two contiguous buildings in downtown Tempe at 100 and 150 University Drive;
- New York - Four office buildings totalling 600,000 square feet on Long Island, and in Brooklyn.
As part of its continuing operations, JP Morgan Chase Bank, N.A. has signed long-term lease back agreements for significant portions of the space.
"The acquisition of this unique portfolio builds on the 5.3 million square feet portfolio of commercial properties we acquired from JPMorgan Chase last year. Our long-term lease back agreement with JPMorgan Chase as our major tenant ensures a stable cash flow stream. In addition, we believe we are well positioned to create value by proactively asset managing the portfolio, repositioning underutilized space and maximizing revenue through lease-ups and managing expenses," commented David Arthur, Managing Partner, Opportunistic Real Estate Investments, Brookfield.
A total of $245 million of financing was placed on the portfolio, consistent with the business plan for the properties.
Thanks for the info.
To copy and paste from a PDF document you have to save it to your computer and then open the file to perform those functions.
On the BAM website, there is a letter to shareholders that states a 1 for 25 share dividend for the spinoff Brookfield Infrastructure Partners, ie, 1 share of BIP for every 25 shares of BAM.
I tried to copy and paste from the PDF document but I'm too stupid.
Seeking Alpha
Brookfield Asset Management: An Attractive Long-Term Investment
Monday August 6, 8:11 am ET
George Spritzer submits: Brookfield Asset Management (NYSE: BAM - News) has been on my watch list for quite sometime, and I finally purchased a "toe in the water" position during Friday's sell-off. The company has a great long-term record, and shareholder-friendly management. If you look at a 15-year performance chart on BAM, you will see that they have not only handily beaten the S&P 500- they have also beaten Berkshire Hathaway (NYSE: BRK-A - News).
BAM is basically a publicly traded private equity company, but you don't need to pay high management or incentive fees. I like the idea that they are focussed primarily on global infrastructure asset management as opposed to general private equity.
The company manages and builds high quality, long-life cash flow generating assets with barriers to entry, and it has shown good discipline in choosing projects with a high return of capital. At this time, its main areas of focus are in property, power, timber, and transmission in several regions around the world.
BAM is a cash flow cow. In 2006, its cash flow grew from to $1.8 billion (from 908MM in 2005).
It is planning to spin-off a newly created publicly traded partnership (Brookfield Infrastructure Partners LP), which should be very attractive to income-oriented investors. I think the sum of the parts after the spin-off will be greater than the whole.
The recent Minnesota bridge collapse highlights the importance of infrastructure projects not only overseas, but in the U.S. as well, and I believe more money will be allocated to infrastructure in the U.S. in the near future. I plan to continue dollar cost averaging into BAM, and retain it as a long-term holding.
Full disclosure: The author is long BAM.
Thanks, Investorman. Yeah, I knew that we had Class A shares. Let me know what your research uncovers. It will be interesting to know how the share structure,etc will be affected. Still love this stock!
I don't know what the definition refers to but most shares that are publicly traded are class A shares. It is up to each company to define what they issue but many companies don't have anything but class A or "common" shares. Class B are usually preferred shares.
So, that definition of class A shares is wrong?
These types of shares are not sold to the public and cannot be traded
By going to the BAM web site www.brookfield.com and clicking on the Investor Center you can view a lot of information on their business goals and see some powerpoint presentations on current assets. Fairly interesting stuff.
Due to similar capital requirements, Brookfield believes that the infrastructure industry will evolve like the real estate industry in which assets are commonly owned through consortiums of institutional investors and owner/operators such as Brookfield. Brookfield Infrastructure will focus on large scale transactions in which Brookfield has sufficient control to influence operations. An integral part of the strategy is participation with institutional investors in Brookfield-sponsored consortiums for single-asset acquisitions or participation as a partner in Brookfield-sponsored partnerships that target acquisitions that suit Brookfield Infrastructure’s profile.
Brookfield will retain an approximate 40% equity interest in Brookfield Infrastructure and will manage its operations under a long-term management agreement.
Brookfield Infrastructure intends to seek a listing for its units on the New York Stock Exchange.
Subject to receipt of the various required approvals, Brookfield will implement the spin-off by way of a special dividend currently estimated to be approximately US$1.00 per Brookfield Class A Share, or approximately $600 million in aggregate for 60% of the issued and outstanding interests in Brookfield Infrastructure. The record date for the special dividend and Brookfield Infrastructure’s initial quarterly dividend will be established prior to the finalization of regulatory filings.
Merrill Lynch & Co. and Citigroup are acting as financial advisors in connection with the spin-off.
The completion of the distribution of Brookfield Infrastructure to Brookfield’s shareholders is subject to satisfaction of a number of conditions and, as such, there can be no certainty that the distribution will proceed or proceed in the manner or in the amount set forth above.
BAM shares that we own are class A shares.
40% of the new partnership will be owned by BAM and the company will receive dividends and growth benefits for that share. Those will be reflected in BAM's 10k numbers.
The other 60% of the new partnership will be spun off as new shares to existing BAM shareholders.
I need to do some in-depth research to evaluate why they are doing this and what the long term impact will be. I suspect they are insulating these long term assets from the more volatile ones and providing a cash dividend vehicle for the coupon clippers.
Hmmm? Interesting. Seems it's a way for management to give themselves a bonus. I don't think us common folk get squat. Could be wrong. I-Man may be able to explain it better.
Class A Shares
Definition
Typically, the most preferred tier of classified stock, offering more voting rights than Class B shares. Class A shares are designed to insulate management from the short-term swings of Wall Street, by allowing those in management to control a small amount of the equity of the company but still maintain voting power. These types of shares are not sold to the public and cannot be traded, which supporters of the dual-share system say allows management to focus on long-term goals.
I'm a little confused by the spin-off announced yesterday. Can anyone take the time to explain the impact to BAM shareholders?
Brookfield will retain an approximate 40% equity interest in Brookfield Infrastructure and will manage its operations under a long-term management agreement.
Brookfield Infrastructure intends to seek a listing for its units on the New York Stock Exchange.
Subject to receipt of the various required approvals, Brookfield will implement the spin-off by way of a special dividend currently estimated to be approximately US$1.00 per Brookfield Class A Share, or approximately $600 million in aggregate for 60% of the issued and outstanding interests in Brookfield Infrastructure. The record date for the special dividend and Brookfield Infrastructure's initial quarterly dividend will be established prior to the finalization of regulatory filings.
Brookfield Asset Management to Acquire Portfolio of Hydroelectric Generating Assets and Development Projects in Brazil
Thursday July 12, 8:22 am ET
TORONTO, ONTARIO--(MARKET WIRE)--Jul 12, 2007 -- Brookfield Asset Management Inc. (Toronto:BAM.TO - News)(NYSE:BAM - News) announced today that it has agreed to acquire, through its Brazil-based subsidiary, Brascan Energetica S.A. (BESA), a portfolio of hydroelectric generating facilities and greenfield hydro development opportunities located in Southeast Minas Gerais from Energisa S.A. (Energisa) for R$292.9 million (US$150 million).
The portfolio consists of 11 operating hydroelectric stations with a combined generating capacity of 45 megawatts (MW) and a 188 MW pipeline of greenfield hydro projects. With this acquisition, BESA's installed capacity in Brazil of renewable hydro will increase from 248 MW to 293 MW and its development pipeline to almost 700 MW. All the power produced by the operating plants is sold under long-term power purchase agreements.
"These high-quality generating facilities represent an excellent opportunity to enhance our position as a leading hydroelectric power producer in Brazil," commented Richard Legault, Managing Partner of Brookfield Asset Management and COO of Brookfield Power. "These assets complement our existing portfolio of operating assets and provide a valuable pipeline of greenfield hydroelectric projects that will enable us to expand our geographic footprint in the growing Brazil market."
Brookfield has been active in the development of hydroelectric power facilities in Brazil and over the last five years, constructed and commissioned six facilities totaling 119 MW. Brookfield currently has under development another five hydroelectric facilities totaling 106 MW.
The transaction is conditional on approvals of regulatory agencies and other customary closing conditions and is expected to close before the end of October 2007.
Investment Advice From Buffett & Munger
Whitney Tilson, Value Investor Insight 06.07.07, 6:00 PM ET
The following is an excerpt of notes taken by Whitney Tilson, co-editor of Value Investor Insight at Berkshire Hathaway's annual meeting in May 2007.
Warren Buffett: We favor businesses where we really think we know the answer. If we think the business’ competitive position is shaky, we won’t try to compensate with price. We want to buy a great business, defined as having a high return on capital for a long period of time, where we think management will treat us right. We like to buy at 40 cents on the dollar, but will pay a lot closer to $1 on the dollar for a great business.
If we see someone who weighs 300 pounds or 320 pounds, it doesn’t matter--we know they’re fat. We look for fat businesses.
We don’t get paid for the past, only the future [profitability of a business]. The past is only useful to give you insights into the future, but sometimes there’s no insight. At times, we’ve been able to buy businesses at one-quarter of what they’re worth, but we haven’t seen that recently [pause] except South Korea.
Charles Munger: Margin of safety means getting more value than you’re paying. There are many ways to get value. It’s high school algebra; if you can’t do this, then don’t invest.
Circle of Competence and Margin of Safety
When you’re trying to determine intrinsic value and margin of safety, there’s no one easy method that can simply be mechanically applied by a computer that will make someone who pushes the buttons rich. You have to apply a lot of models. I don’t think you can become a great investor rapidly, no more than you can become a bone-tumor pathologist quickly.
Buffett: Let’s say you decide you want to buy a farm, and you make calculations that you can make $70 an acre as the owner. How much will you pay [per acre for that farm]? Do you assume agriculture will get better so you can increase yields? Do you assume prices will go up? You might decide you wanted a 7% return, so you’d pay $1,000 a acre. If it’s for sale at $800, you buy, but if it’s at $1,200, you don’t.
If you’re going to buy a farm, you’d say, "“I bought it to earn $X growing soybeans." It wouldn’t be based on what you saw on TV or what a friend said. It’s the same with stocks. Take out a yellow pad and say, "If I’m going to buy GM at $30, it has 600 million shares, so I’m paying $18 billion," and answer the question, why? If you can’t answer that, you’re not subjecting it to business tests.
We have to understand the competitive position and dynamics of the business and look out into the future. With some businesses, you can’t. The math of investing was set out by Aesop in 600 B.C.: A bird in the hand is worth two in the bush. We ask ourselves how certain we are about birds in the bush. Are there really two? Might there be more? We simply choose which bushes we want to buy from in the future.
The ability to generate cash and reinvest it is critical. It’s the ability to generate cash that gives Berkshire value. We choose to retain it because [we think we can reinvest each dollar to generate more than $1 of value].
If you were thinking about paying $900,000 or $1.3 million for a McDonald’s stand, you’d think about things like whether people will keep eating hamburgers and whether McDonald’s could change the franchise agreement. You have to know what you’re doing and whether you’re within your circle of competence.
Munger: We have no system for estimating the correct value of all businesses. We put almost all in the "too hard" pile and sift through a few easy ones.
Buffett: We know how to recognize and step over one-foot bars and recognize and avoid seven-foot bars.
Advice on Becoming a Successful Investor
I think you should read everything you can. In my case, by the age of 10, I’d read every book in the Omaha public library about investing, some twice. You need to fill your mind with various competing thoughts and decide which make sense. Then you have to jump in the water--take a small amount of money and do it yourself. Investing on paper is like reading a romance novel versus doing something else. [Laughter] You’ll soon find out whether you like it. The earlier you start, the better.
At age 19, I read a book [The Intelligent Investor by Benjamin Graham], and what I’m doing today, at age 76, is running things through the same thought process I learned from the book I read at 19.
I remain big on reading everything in sight. And when you get the opportunity to meet someone like Lorimer Davidson (former CEO of GEICO), as I did, jump at it. I probably learned more in those four hours than in almost any course in college or business school.
Munger: Sandy Gottesman, a Berkshire director, runs a large, successful investment firm. Notice his employment practices. When he interviews someone, he asks, "What do you own and why do you own it?" If you’re not interested enough to own something, then he’d tell you to find something else to do.
Buffett: Charlie and I have made money in a lot of different ways, some of which we didn't anticipate 30 to 40 years ago. You can’t have a defined road map, but you can have a reservoir of thinking, looking at markets in different places, different securities, etc. The key is that we knew what we didn’t know. We just kept looking. We knew during the Long Term Capital Management crisis that there would be a lot of opportunities, so we just had to read and think eight to 10 hours a day. We needed a reservoir of experience. We won’t spot every one, though--we’ve missed all kinds of things.
But you need something in the way you’re programmed so you don’t lose a lot of money. Our best ideas haven’t done better than others’ best ideas, but we’ve lost less. We’ve never gone two steps forward and then one step back--maybe just a fraction of a step back.
Munger: And of course the place to look when you’re young is the inefficient markets. You shouldn’t be trying to guess if one drug company is going to have a better pipeline than another.
Buffett: You should do well in games with few other players. The RTC [Resolution Trust Corporation; click here for more on this] was a great example of a chance to make a lot of money. Here was a seller [government bureaucrats] with hundreds of billions of dollars of real estate and no money in the game, who wanted to wrap up quickly, while many buyers had no money and had been burned.
There won’t be any scarcity of opportunity in your life, although there will be times when you feel that way.
Brookfield to buy Multiplex for A$7.3 bln
Mon Jun 11, 2007 11:34 AM ET
TORONTO, June 11 (Reuters) - Brookfield Asset Management Inc. <BAMa.TO> <BAM.N> said on Monday it has offered to acquire Multiplex Group's <MXG.AX> stapled securities in an all-cash deal with an enterprise value of A$7.3 billion ($6.1 billion).
Brookfield, an asset manager with interests in real estate and power generation, said the offer is to acquire 100 percent of the stapled securities, which comprise the shares of Multiplex Ltd. and units of Multiplex Property Trust, at A$5.05 apiece.
Toronto-based Brookfield has entered agreements with Roberts Family Nominees Ltd., which hold 25.6 percent of Multiplex shares.
The per stapled security price, including a June distribution, represents a 39.2 percent premium to the six-month volume weighted average price for Multiplex shares prior to the announcement of talks with Brookfield and Roberts Family on Jan. 25, Brookfield said.
Multiplex's directors support the deal.
Under the terms of the offer, the minimum acceptance condition is 50.1 percent of Multiplex Group securities and other conditions.
Brookfield has over $26 billion of property assets worldwide. Multiplex Group, which suffered millions of pounds of losses from its Wembley football stadium project in the United Kingdom, has operations also in Australia, New Zealand and the Middle East.
Shares of Brookfield Asset Management were down 1 Canadian cent at C$41.40 midmorning on the Toronto Stock Exchange; the stock was up 7 cents at $39.04 on the New York Stock Exchange.
(Additional reporting by Anup Roy in Bangalore)
($1=$1.06 Canadian)
The split isn't even supposed to take place until tomorrow. Your guys are jumping the gun.
Maybe I should sell my shares while they're doubled. lol!
Scottrade is still saying 3 for 2
Hmmmmmm - I'll check to see what they are doing with mine.
Well, E. Jones is doubling my shares. Hopefully they're wrong. They owe me. lol!
Hmmmmmm. I don't know - 3 for 2 is what they said in the PR. 3 for 2 seems most likely since that is what they have done each time in the past.
Hmmmm? Just received notice of a 2:1 stock split. I thought it was 3 for 2?
2 for 1 works. :~) Triple the shares and a cost basis a third of what I paid in about a year.
Likin' dat schit! lol!
Brookfield Announces Additional Information Regarding its Three-For-Two Stock Split
Tuesday May 22, 1:52 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--May 22, 2007 -- Brookfield Asset Management Inc. (Toronto:BAM.TO - News)(NYSE:BAM - News) announced that its Class A Limited Voting Shares ("Class A Shares") commenced trading on the Toronto Stock Exchange ("TSX") at the start of business today, Tuesday, May 22, 2007, on an ex-dividend basis to reflect the three-for-two stock split announced on May 2, 2007. Brookfield will implement this stock split by issuing on or about June 1, 2007, stock dividends representing one additional Class A Share for every two Class A and Class B Limited Voting Shares held by shareholders of record at the close of business on May 24, 2007. Fractional shares will be paid in cash based on the closing price of a Class A Share on the TSX on May 24, 2007.
The Corporation's Class A Shares listed on the New York Stock Exchange ("NYSE") will commence trading ex-dividend in regard to this stock split on the first business day after the distribution of the stock dividend, which is expected to be Monday, June 4, 2007. Trading in the Class A Shares on NYSE from the start of business on May 22, 2007 up to and including the dividend distribution date will be on a "due-bill" basis, entitling holders to one additional Class A Share for every two Class A Shares held on the record date.
The quarterly dividend payable on Brookfield's Class A Shares, which is now US$0.18 per share, will be adjusted to reflect this stock split commencing with the dividend payable on August 31, 2007. On a post-split basis, the dividend per subdivided Class A Share will be US$0.12 and will be paid to shareholders of record at the close of business on August 1, 2007.
1st quarter supplemental information
http://www.brookfield.com/investorcenter/financialreports/supplemental/resources/2007Q1Supplemental....
iBox updated. Another poster pointed out that the old info said they had $50 billion in assets but now they have $71 billion. Picky, picky..... What's $21 billion among friends - lol.
Yes, very nice. Another forward split and a spinoff for the icing. :~)
And I just got rid of all my other spinoffs.
CMCSA was a mistake. Didn't even look once, let alone twice, just got rid of the whole schit and kaboodle. lol!
Did you like that $4 gain today?
Shoulda went all in on this one...........
Brookfield Plans Spinoff, 3-for-2 Stock Split
The Wall Street Journal
Brookfield announced the planned spinoff of its electricity-transmission and timberland operations and a 3-for-2 stock split. It also reported an 8.9% rise in quarterly net.
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