Press Release 2004
BNN Split Corp. Announces Year End Results
Toronto, December 3, 2004 - BNN Split Corp. announced today that income available for distribution for the year ended September 30, 2004 was $11.1 million, compared with $9.6 million last year. Investment income increased to $11.4 million for 2004 from $9.7 million in 2003 due to an increased investment in Class A Limited Voting shares of Brascan (“Brascan shares”) during 2004. For the quarter ended September 30, 2004, income available for distribution was
$3.2 million compared to $2.5 million in the same period last year.
For the year ended September 30, 2004, the company paid dividends of $9.5 million and
$2.4 million to its Preferred and Capital shareholders respectively, compared with $7.8 million and $1.5 million for the prior fiscal year
The Board of Directors declared quarterly dividends of $0.390625, $0.309375 and $0.06284 per Preferred share Class A, and Class AA Series 1 and Capital share of the company, respectively, payable on December 7, 2004 to shareholders of record on November 22, 2004.
The net asset value per unit, consisting of one Preferred share and one Capital share, was $70.72 based on a Brascan share price of $38.13 as at September 30, 2004. The net asset value per Preferred share is posted monthly on www.bamsplit.ca
BNN Split Corp. owns a portfolio consisting of 17,418,000 Class A Limited Voting Shares of Brascan Corporation in order to generate quarterly fixed cumulative preferential dividends for the holders of the company's Preferred shares and to enable the holders of the company's Capital shares to participate in any capital appreciation of Brascan Shares. Brascan Corporation is an asset management company. With a focus on real estate and power generation, Brascan has direct investments of US$19 billion and a further US$7 billion of assets under management. This includes 70 premier office properties and 120 power generating plants. Brascan is listed on the New York and Toronto stock exchanges under the symbols BNN and BNN.LV.A, respectively.
Bryan K. Davis, Chief Financial Officer, will be available at (416) 363-0061 to answer any questions on the company's financial results.
This news release contains forward-looking statements concerning the company's business and operations. The company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the company's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.