Press Release 2004
BNN Split Corp. Announces Second Quarter Results
Toronto, May 18, 2004 - BNN Split Corp. announced today that income available for distribution for the six months ended March 31, 2004 was $4.7 million, consistent with the same period last year. Investment income increased from $4.8 million in 2003 to $5.0 million in 2004 due principally to increased dividends received on Brascan common shares. For the quarter ended March 31, 2004, the company paid dividends of $2.0 million and $0.6 million to its Preferred and Capital shareholders respectively, compared with $2.0 million and $0.3 million for the same period in 2003.
The Board of Directors declared quarterly dividends of $0.390625, $0.2265 and $0.06284 per Preferred share Class A, Class AA Series 1 and Capital share of the company, respectively, payable on June 7, 2004 to shareholders of record on May 22, 2004.
The net asset value per unit, consisting of one Preferred share and one Capital share, was $63.61 based on a Brascan Corporation Class A Limited Voting share price of $52.30 as at March 31, 2004. The net asset value per Preferred share is posted monthly on www.bamsplit.ca
BNN Split Corp. owns a portfolio consisting of 11,612,000 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, the company has direct investments of US$17 billion and a further US$7 billion of assets under management. This includes 55 premier office properties and 120 power generating plants. The company is listed on the New York and Toronto stock exchanges under the symbol BNN and BNN.a, respectively.
Bruce K. Robertson, President and Chief Executive 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.