Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P. has announced:
that after having taken into account all election notices received by the June 15, 2016 deadline for the conversion of its Class AAA Preference Shares, Series N (the “Series N Shares”) (TSX: BPO.PR.N) into Class AAA Preference Shares, Series O (the “Series O Shares”), the holders of Series N Shares are not entitled to convert their Series N Shares into Series O Shares. There were 972,331 Series N Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series O Shares.
The Series N Shares will pay on a quarterly basis, for the five-year period beginning on July 1, 2016, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 3.782% ($0.236375 per share per quarter).
Assiduous Readers will remember that I recommended against conversion after reporting that BPO.PR.N will reset to 3.782% (a drop of 39%).
This entry was posted on Monday, June 27th, 2016 at 11:21 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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BPO.PR.N: No Conversion To FloatingReset
Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P. has announced:
Assiduous Readers will remember that I recommended against conversion after reporting that BPO.PR.N will reset to 3.782% (a drop of 39%).
This entry was posted on Monday, June 27th, 2016 at 11:21 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.