Brascan Corporation Announces Adjusted Record and Payment Dates for Three-for-Two Stock Split.Business Editors TORONTO--(BUSINESS WIRE)--April 12, 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 changes to the record and payment dates for the previously announced three-for-two stock split of its outstanding common shares, which was approved by its Board of Directors on February 11, 2004. This stock split will be implemented by way of a stock dividend whereby common shareholders will receive one-half a common share for each common share held (i.e. one additional share for every two shares held). The following changes in the record and payment dates for this stock dividend have been made to reflect certain differences between Canadian and U.S. stock exchange practices and holiday schedules: -- The record date for the stock dividend has been changed from Saturday, May 1, 2004 to the close of business on Friday, May 21, 2004. -- The payment date for the stock dividend has been changed from Monday, May 31, 2004 to Tuesday, June 1, 2004. Fractional share Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. dividends will be paid in cash, based on the closing price of Brascan's common shares on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. on May 21, 2004. Brascan is undertaking this stock split in order to ensure that its common shares remain accessible to individual shareholders and to improve the liquidity of these shares. The stock split should have no adverse tax consequences in Canada or the U.S.A. and will not dilute common shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. . There are no changes in the record and payment dates for the next regular quarterly dividend on Brascan's common shares of May 1, 2004 and May 31, 2004, respectively. Brascan Corporation is an asset management company. With a focus on real estate and power generation, the company has direct investments of $16 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 47 power generating plants. Brascan is listed on the New York and Toronto stock exchanges under the symbol BNN and BNN.a, respectively. |
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