Brascan Announces Intention to Redeem Its Class A Preference Shares, Series 1.Business Editors TORONTO--(BUSINESS WIRE)--June 15, 2004 Brascan Corporation (NYSE NYSE See: New York Stock Exchange :BNN BNN Boston Neighborhood Network BNN Boundary Network Node (IBM) BNN Back-Propagation Neural Network BNN Biological Neural Network BNN Bart's Neverending Network (public-service TV network in The Netherlands) ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BNN.A) today announced that it intends to redeem its Class A Preference Shares, Series 1 ("Preferred Series 1 Shares") on July 30, 2004 for Cdn. $25.00 per share plus accrued dividends of Cdn. $0.05039 per share. There are currently 18,891 Preferred Series 1 Shares outstanding, which are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol BNN.PR.A. These shares are being redeemed to simplify the company's capital structure. Payment of the Redemption Price of Cdn. $25.05039 per share will be made by Brascan on or after July 30, 2004, upon the presentation of the certificates for the Preferred Series 1 Shares to the company's transfer agent, CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company Mellon Trust Company. After July 30, 2004, the holders of these shares will no longer receive dividends nor be able to exercise any other rights under these shares, except to receive the Redemption Price for their shares. Notice of Redemption has been sent to all of the company's registered Preferred Series 1 Shareholders. Brascan Corporation is an asset management company. With a focus on real estate and power generation, the company has direct investments of $17 billion and a further $7 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . These include 55 premier office properties and, upon completion of the recently announced acquisition of a portfolio of New York assets, a total of 120 power generating plants. The company is listed on the New York and Toronto stock exchanges under the symbol BNN and BNN.a, respectively. |
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