Brookfield Office Properties Inc. (“Brookfield”), a subsidiary of Brookfield Property Partners L.P. has announced:
that after having taken into account all election notices received by the March 15, 2022 deadline for the conversion of the Class AAA Preference Shares, Series P (the “Series P Shares”) (TSX: BPO.PR.P) into Class AAA Preference Shares, Series Q (the “Series Q Shares”), the holders of Series P Shares are not entitled to convert their Series P Shares into Series Q Shares. There were 118,948 Series P Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series Q Shares.
The Series P Shares will pay on a quarterly basis, for the five-year period beginning on April 1, 2022, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 4.536% ($0.2835 per share per quarter).
BPO.PR.P was issued as a FixedReset, 5.15%+300, that commenced trading 2010-10-21 after being announced 2010-10-13. The issue reset to 4.161% in 2016; I recommended against conversion; and there was no conversion. The issue reset to 4.536% in 2022.
This entry was posted on Thursday, March 24th, 2022 at 8:19 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.
BPO.PR.P : No Conversion to FloatingReset
Brookfield Office Properties Inc. (“Brookfield”), a subsidiary of Brookfield Property Partners L.P. has announced:
BPO.PR.P was issued as a FixedReset, 5.15%+300, that commenced trading 2010-10-21 after being announced 2010-10-13. The issue reset to 4.161% in 2016; I recommended against conversion; and there was no conversion. The issue reset to 4.536% in 2022.
This entry was posted on Thursday, March 24th, 2022 at 8:19 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.