BSD.PR.A: Critchley Cites PrefBlog in Financial Post

As kindly pointed out by Assiduous Reader adriandunn in the comments to the post BSD.PR.A Term Extension Proposal: More Sleaze From Company, Barry Critchley has cited PrefBlog in his Financial Post piece PrefBlog doesn’t like the choices offered at Brookfield Soundvest Split Trust:

The website PrefBlog has weighed in on the matter of the upcoming vote by preferred shareholders of Brookfield Soundvest Split Trust on the extension of the term of the securities.

And the website, whose focus is Canadian Preferred Shares: Data and Discussion, is not a big fan of what has been proposed.

For example, it notes that “Brookfield Asset Management is a fine company. I find it very difficult to understand why they are mixed up in this.” BAM owns 50% of the manager.

This isn’t the first time Mr. Critchley has written about BSD.PR.A. On February 27, the Financial Post published No mood for five more years of negative returns from Brookfield Soundvest Split Trust:

We are referring to the situation at Brookfield Soundvest Split Trust, a company with a market cap of $9 million, which has been around for about a decade, and which over the past five years has generated a total return of -5.79% or more than 50 percentage points worse than the composite. By any measure, the fund, whose manager and investment adviser is an affiliate of Brookfield Asset Management, is a dog and Brookfield couldn’t confirm if any of its executives have a stake.

Brookfield declined to comment.

And on March 2 there was Giving the Brookfield Soundvest owners choices on extensions and redemptions:

“It’s been a disappointment for us here,” said Kevin Charlebois, the fund’s chief executive, speaking about the performance, especially for the unitholders who haven’t received distributions nor enjoyed redemption rights for more than three years, and who own a security that trades at a discount to its net asset value.

Leave a Reply

You must be logged in to post a comment.