Brookfield Asset Management Inc (BAM)

[Li'l Jazz]

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.