TORONTO, ON--(Marketwired - Dec 15, 2015) - Brookfield Office Properties Inc. ("Brookfield") today announced it has received approval from the Toronto Stock Exchange ("TSX") for its proposed normal course issuer bid to purchase up to 10% of the public float of each series of the company's outstanding Class AAA Preference Shares that are listed on the TSX (the "Preferred Shares"). Purchases under the bid will be made through the facilities of the TSX and any alternative Canadian trading systems in compliance with applicable Canadian securities laws. The period of the normal course issuer bid will extend from December 17, 2015 to December 16, 2016, or an earlier date should Brookfield complete its purchases prior to such date. Brookfield will pay the market price at the time of acquisition for any Preferred Shares purchased. All Preferred Shares acquired by Brookfield under this bid will be cancelled. Brookfield has not repurchased any Preferred Shares in the past 12 months.
Under the normal course issuer bid, Brookfield is authorized to repurchase each respective series of the Preferred Shares as follows:
| Series | Ticker | Issued and outstanding shares 1 | Public float 1 | Average daily trading volume 2 | Maximum number of shares subject to purchase 3 | |||||||
| Total | Daily | |||||||||||
| Series G | BPO.PR.U | 4,400,000 | 3,396,451 | 2,854 | 339,645 | 1,000 | ||||||
| Series H | BPO.PR.H | 8,000,000 | 7,000,000 | 4,484 | 700,000 | 1,121 | ||||||
| Series J | BPO.PR.J | 7,902,768 | 6,902,768 | 5,713 | 690,276 | 1,428 | ||||||
| Series K | BPO.PR.K | 6,000,000 | 4,995,414 | 2,280 | 499,541 | 1,000 | ||||||
| Series N | BPO.PR.N | 11,000,000 | 11,000,000 | 11,277 | 1,100,000 | 2,819 | ||||||
| Series P | BPO.PR.P | 12,000,000 | 12,000,000 | 14,336 | 1,200,000 | 3,584 | ||||||
| Series R | BPO.PR.R | 10,000,000 | 10,000,000 | 11,821 | 1,000,000 | 2,955 | ||||||
| Series T | BPO.PR.T | 10,000,000 | 10,000,000 | 12,333 | 1,000,000 | 3,083 | ||||||
| Series V | BPO.PR.X | 1,805,489 | 1,290,789 | 1,148 | 129,078 | 1,000 | ||||||
| Series W | BPO.PR.W | 3,816,527 | 1,884,427 | 1,460 | 188,442 | 1,000 | ||||||
| Series Y | BPO.PR.Y | 2,847,711 | 1,242,911 | 727 | 124,291 | 1,000 | ||||||
| Series AA | BPO.PR.A | 12,000,000 | 11,975,000 | 11,495 | 1,197,500 | 2,873 | ||||||
- Calculated as at December 10, 2015.
- Calculated for the six months ended November 30, 2015.
- In accordance with TSX rules, any daily repurchases with respect to: (i) the Series G, Series K, Series V, Series W and Series Y preferred shares would be limited to 1,000 shares of the respective series and (ii) each of the other series of Preferred Shares (excluding the Series G, Series H, Series K, Series V, Series W and Series Y preferred shares) would be limited to 25% of the average daily trading volume on the TSX of the respective series.
Brookfield is commencing a normal course issuer bid because it believes that, from time to time, the market price of its Preferred Shares may not fully reflect the underlying value of its business and its future business prospects. Brookfield believes that, in such circumstances, the outstanding Preferred Shares represent an attractive investment for Brookfield, since a portion of its excess cash generated on an annual basis can be invested for an attractive risk adjusted return through the issuer bid.
About Brookfield Office Properties
Brookfield Office Properties Inc. is a division of Brookfield Property Partners (
Brookfield Contact: Matt Cherry Vice President, Investor Relations & Communications (212) 417-7488 Email Contact
