Assiduous Reader JQ writes in and says:
Hi, James,
I am your long time loyal reader and have learned a lot from you. Thank you very much.
Would you please to answer the following questions about BPO and BPS preferred shares:
BPO.PR._ and BPS.PR._ are both listed, are they same? Why the price difference is so big? Will BPO.PR._ be delisted?
Thank you.
Well, JQ, flattery will get you everywhere! I checked out the last bids for Friday:
| BPO vs. BPS Retractible Preferred Shares |
| BPO Ticker |
Shares
Outstanding |
Quote
2014-7-25 |
BPS Ticker |
Shares
Outstanding |
Quote
2014-7-25 |
| BPO.PR.H |
7.0-million |
25.40-57 |
BPS.PR.A |
1.0-million |
25.11-25 |
| BPO.PR.J |
7.0-million |
25.26-35 |
BPS.PR.B |
1.0-million |
24.75-76 |
| BPO.PR.K |
5.0-milllion |
25.70-94 |
BPS.PR.C |
1.0-million |
24.63-90 |
BPO.PR.U
[US Pay] |
3.4-million |
25.33-47 |
BPS.PR.U
[US Pay] |
1.0-million |
24.95-00 |
Assiduous Readers will recall that BPS preferred shares commenced trading on June 11. Readers will also recall that after reviewing the terms of the organization I concluded that I was more or less indifferent to the choice between the old BPO preferred and the equivalent BPS preferred share:
I make no recommendation. The decision will depend on each holders desire for a (miniscule) extra amount of credit protection (with the early retraction privilege) vs. what could potentially be a very severe loss of liquidity.
However, the difference in price between the equivalent issues is currently fairly large; I urge holders of the BPO preferred shares to review very carefully their need for liquidity and determine whether or not a swap is indicated in their particular situation.
Regrettably, Brookfield Properties Split Corp. still does not have a website, from which we may deduce that the directors (see SEDAR, Brookfield Property Split Corp. Jun 27 2014 14:34:52 ET Security holders documents – English; direct links are not permitted, since the (indirectly) bank-owned SEDAR has a monopoly granted by the securities regulators which they grossly abuse; the competition bureau has given the banks huge exemptions from competition laws in exchange for large regular payments to the regulators):
- Saul Shulman
- Bryan Kenneth Davis
- Robert Stelzl, and
- Denis Andre Turcotte
are morons. Fortunately, not much brainpower is required to operate a Split Share Corporation with a single issue portfolio.
This entry was posted on Monday, July 28th, 2014 at 1:04 am and is filed under Better Communication, Please!, Issue Comments, US Pay. 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.
Massive Liquidity Premium in BPO vs. BPS Preferred Shares
Assiduous Reader JQ writes in and says:
Well, JQ, flattery will get you everywhere! I checked out the last bids for Friday:
Outstanding
2014-7-25
Outstanding
2014-7-25
[US Pay]
[US Pay]
Assiduous Readers will recall that BPS preferred shares commenced trading on June 11. Readers will also recall that after reviewing the terms of the organization I concluded that I was more or less indifferent to the choice between the old BPO preferred and the equivalent BPS preferred share:
However, the difference in price between the equivalent issues is currently fairly large; I urge holders of the BPO preferred shares to review very carefully their need for liquidity and determine whether or not a swap is indicated in their particular situation.
Regrettably, Brookfield Properties Split Corp. still does not have a website, from which we may deduce that the directors (see SEDAR, Brookfield Property Split Corp. Jun 27 2014 14:34:52 ET Security holders documents – English; direct links are not permitted, since the (indirectly) bank-owned SEDAR has a monopoly granted by the securities regulators which they grossly abuse; the competition bureau has given the banks huge exemptions from competition laws in exchange for large regular payments to the regulators):
are morons. Fortunately, not much brainpower is required to operate a Split Share Corporation with a single issue portfolio.
This entry was posted on Monday, July 28th, 2014 at 1:04 am and is filed under Better Communication, Please!, Issue Comments, US Pay. 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.