On September 5, 2001, BNN Split Corp. closed a $125 million public offering of preferred shares. BNN Split Corp. is a special purpose split share vehicle that holds a portfolio of class A limited voting shares of Brascan Corporation in order to generate filed preferential dividends to holders of the preferred shares. It provides a leveraged investment in the shares of Brascan Corporation to BNN Investments Ltd. (formerly Canadian Express Ltd.), the holder of its capital shares.
BNN Split Corp. was represented by Torys. The team included Candy Saga, Karrin Powys-Lybbe, Katharine Alexander-Carew, Rena Shadowitz and Jim Welkoff (tax). Scotia Capital Inc. was the lead agent on the transaction and was represented by Andrew Aziz, Rick Fullerton and Andy McGuffin (tax) of Osler, Hoskin & Harcourt LLP.