Brookfield Corporation (NYSE: BN, TSX: BN) announced on Friday that the proposed conversion of its Cumulative Class A Preference Shares, Series 32 (TSX: BN.PF.A) into Cumulative Class A Preference Shares, Series 33 will not proceed. The decision comes after the company received fewer election notices than required for the conversion.
The corporation reported that only 177,688 Series 32 Shares were tendered for conversion, falling short of the one million shares needed to effect the change to Series 33 Shares. As a result, there will be no conversion, and holders of Series 32 Shares will retain their existing shares.
Brookfield Corporation is a long-term capital compounding entity that aims to provide attractive total returns for its shareholders. The corporation's assets are currently deployed across three businesses - Asset Management, Insurance Solutions, and Operating Businesses. These ventures generate substantial and increasing free cash flows, backed by a cautiously capitalized balance sheet.
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