{"id":33274,"date":"2016-06-27T23:21:45","date_gmt":"2016-06-28T04:21:45","guid":{"rendered":"http:\/\/prefblog.com\/?p=33274"},"modified":"2016-06-27T23:21:45","modified_gmt":"2016-06-28T04:21:45","slug":"bpo-pr-n-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33274","title":{"rendered":"BPO.PR.N: No Conversion To FloatingReset"},"content":{"rendered":"<p>Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P. <a href=\"http:\/\/brookfieldofficeproperties.com\/content\/2016_press_releases\/brookfield_office_properties_provides_update_on_co-44228.html\">has announced<\/a>:<\/p>\n<blockquote><p> 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 \u201cSeries N Shares\u201d) (TSX: BPO.PR.N) into Class AAA Preference Shares, Series O (the \u201cSeries O Shares\u201d), 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.<\/p>\n<p> 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).<\/p><\/blockquote>\n<p>Assiduous Readers will remember that I <a href=\"http:\/\/prefblog.com\/?p=33200\">recommended against conversion<\/a> after reporting that <a href=\"http:\/\/prefblog.com\/?p=33161\">BPO.PR.N will reset to 3.782%<\/a> (a drop of 39%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-33274","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33274"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33274\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}