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BROOKFIELD NEWS, Jan. 18, 2022 (GLOBE NEWSWIRE) — Brookfield Workplace Properties Inc. (“Brookfield”) at present introduced it has obtained approval from the Toronto Inventory Trade (“TSX”) for the renewal of its regular course issuer bid to buy as much as 10% of the general public float of every sequence of the corporate’s excellent Class AAA Desire Shares which are listed on the TSX (the “Most well-liked Shares”). Purchases underneath the bid can be made via the amenities of the TSX and any various Canadian buying and selling programs in compliance with relevant Canadian securities legal guidelines. The interval of the conventional course issuer bid will lengthen from January 21, 2022 to January 20, 2023, or an earlier date ought to Brookfield full its purchases previous to such date. Brookfield can pay the market value on the time of acquisition for any Most well-liked Shares bought, however to not exceed the redemption value thereof as said within the firm’s articles. All Most well-liked Shares acquired by Brookfield underneath this bid can be cancelled.
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Brookfield has not repurchased any Most well-liked Shares prior to now 12 months. Throughout Brookfield’s previous regular course issuer bid, Brookfield was licensed to repurchase Most well-liked Shares as much as the next quantities: Sequence N (1,100,000), Sequence P (1,200,000), Sequence R (888,342), Sequence S (111,657), Sequence T (1,000,000), Sequence V (129,078), Sequence W (188,442), Sequence Y (124,291), Sequence AA (1,197,500), Sequence CC (800,000), Sequence EE (1,100,000), Sequence GG (1,100,000) and Sequence II (1,000,000).
Underneath the present regular course issuer bid, Brookfield is allowed to repurchase every respective sequence of the Most well-liked Shares as follows:
Sequence | Ticker | Issued and excellent shares1 |
Public float1 | Common every day buying and selling quantity2 |
Most variety of shares topic to buy3 |
|
Complete | Day by day | |||||
Sequence N | BPO.PR.N | 11,000,000 | 11,000,000 | 16,281 | 1,100,000 | 4,070 |
Sequence P | BPO.PR.P | 12,000,000 | 12,000,000 | 8,165 | 1,200,000 | 2,041 |
Sequence R | BPO.PR.R | 10,000,000 | 10,000,000 | 9,197 | 1,000,000 | 2,299 |
Sequence T | BPO.PR.T | 10,000,000 | 10,000,000 | 8,400 | 1,000,000 | 2100 |
Sequence V | BPO.PR.X | 1,805,489 | 1,290,789 | 2,311 | 129,078 | 1,000 |
Sequence W | BPO.PR.W | 3,816,527 | 1,884,427 | 1,068 | 188,442 | 1,000 |
Sequence Y | BPO.PR.Y | 2,847,711 | 1,242,911 | 1,112 | 124,291 | 1,000 |
Sequence AA | BPO.PR.A | 12,000,000 | 11,975,000 | 8,184 | 1,197,500 | 2,046 |
Sequence CC | BPO.PR.C | 8,000,000 | 8,000,000 | 3,673 | 800,000 | 1,000 |
Sequence EE | BPO.PR.E | 11,000,000 | 11,000,000 | 6,488 | 1,100,000 | 1,622 |
Sequence GG | BPO.PR.G | 11,000,000 | 11,000,000 | 7,115 | 1,100,000 | 1,778 |
Sequence II | BPO.PR.I | 10,000,000 | 10,000,000 | 4,301 | 1,000,000 | 1,075 |
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- Calculated as at January 10, 2022
- Calculated for the six months ended December 31, 2021.
- In accordance with TSX guidelines, any every day repurchases with respect to: (i) the Sequence V, Sequence W, Sequence Y and Sequence CC most popular shares can be restricted to 1,000 shares of the respective sequence and (ii) every of the opposite sequence of Most well-liked Shares (excluding the Sequence V, Sequence W, Sequence Y and Sequence CC most popular shares) can be restricted to 25% of the typical every day buying and selling quantity on the TSX of the respective sequence.
Word: All excellent Sequence S shares have been transformed to Sequence R shares on September 30, 2021, and subsequently delisted from the TSX.
Brookfield is renewing its regular course issuer bid as a result of it believes that, every now and then, the market value of its Most well-liked Shares could not totally replicate the underlying worth of its present enterprise and future prospects. Brookfield believes that, in such circumstances, the excellent Most well-liked Shares signify a sexy funding for the corporate, since a portion of its extra money generated on an annual foundation could be invested for a sexy risk-adjusted return via the conventional course issuer bid.
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Brookfield could enter into an automated buy plan in relation to the conventional course issuer bid that might enable for the acquisition of Most well-liked Shares, topic to sure buying and selling parameters, at occasions when Brookfield ordinarily wouldn’t be lively out there because of its personal inner buying and selling black-out interval, insider buying and selling guidelines or in any other case. Any such plan entered into with Brookfield’s dealer can be adopted in accordance with relevant Canadian securities legislation and can be introduced in a press launch. Exterior of those durations, Most well-liked Shares can be repurchased in accordance with administration’s discretion and in compliance with relevant legislation.
About Brookfield Workplace Properties
Brookfield Workplace Properties Inc. is a subsidiary of Brookfield Property Companions L.P., one of many world’s largest industrial actual property corporations. For extra info, please go to bpy.brookfield.com/bpo .
Brookfield
Contact:
Rachel Nappi
Investor Relations
Tel.: (212) 417-7169
E-mail: Rachel.nappi@brookfield.com
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