Company: BNJ
Filing Date: 2025-02-05
Form Type: SCHEDULE 13D
Source: 0001104659-25-009798
Chunk: 0

Company: BROOKFIELD Corp /ON/
Filing Date: 2025-02-05
Form: SCHEDULE 13D
Chunk 0
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 B Shares as of the record date for any meeting of shareholders, holders of Class A Shares and holders of Class B Shares will vote together as a single class in the election of the Board at such meeting of shareholders; or (b) BN (or its successor) and its subsidiaries beneficially own a number of Class A Shares that is not less than 20% but does not exceed 50% of the sum of all the issued and outstanding Class A Shares and Class B Shares as of the record date for any meeting of shareholders: (i) BN (or its successor) will be entitled to elect one of the directors who would otherwise be elected by other holders of the Class A Shares at such meeting of shareholders; (ii) holders of Class A Shares, including BN (or its successor) solely in respect of any Class A Shares that it and its subsidiaries beneficially own in number that exceeds 20% of the sum of all the issued and outstanding Class A Shares and Class B Shares, will be entitled to elect one-half of the Board less such number of directors to be elected by BN (or its successor) under (i) above at such meeting of shareholders; and (iii) holders of Class B Shares will be entitled to elect the other one-half of the Board at such meeting of shareholders. 
 As a normal course borrowing activity, a subsidiary of BN has borrowed a principal amount of US$1,000,000,000 from a large institutional lender (the "Lender"), which matures in December 2031 (the "Credit Facility"). Under the terms of the Credit Facility BN has agreed to pledge up to 67 million Class A Shares as collateral (the "Collateral Shares"). As is customary for this type of loan, upon the occurrence of certain events that remain unremedied, the Lender may exercise its rights under the Credit Facility agreements to dispose of some or all of the Collateral Shares to apply towards the outstanding amounts of the Credit Facility. All voting rights and rights to receive dividends and distributions with respect to Collateral Shares remain with BN, unless an event of default is continuing. The Collateral Shares represent less than 5.7% of the aggregate number of Class A Shares directly and indirectly held by BN and less than 4.1% of all the outstanding Class A Shares, on a fully diluted basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Item 7. | Material to be Filed as Exhibits.