Brookfield Office Properties Inc BRPYF

RE:RE:Why Brookfield Office Property Prefers BPS trading at $25,

[pierrelebel]

Good afternoon SONOFFERGUS

You are correct. the BPO are retractable at any time by the holder which explains why they trade at or about retraction proce of $25.

It only took my five minutes of homework to find the history of these shares

Hint:

May 26, 2014

The interesting part of the deal is that

Each BOP Split Senior Preferred Share will be fully and unconditionally guaranteed, jointly and severally, by the Guarantors, including BPO, as to (i) the payment of dividends, as and when declared, on the BOP Split Senior Preferred Shares, (ii) the payment of amounts due on redemption of the BOP Split Senior Preferred Shares, and (iii) the payment of the amounts due on BOP Split Senior Preferred Shares on the liquidation, dissolution and winding-up of BOP Split (the ‘‘BOP Split Senior Preferred Share Guarantee’’). The BOP Split Senior Preferred Share Guarantee will be subordinated to all of the respective senior and subordinated debt of the Guarantors that is not expressly stated to be pari passu with or subordinate to the BOP Split Senior Preferred Share Guarantee and will rank senior to the equity securities of the Guarantors.

… and the Split Corp Preferred will be retractible:

Retraction

Subject to the restrictions imposed by applicable law, each series of the BOP Split Senior Preferred Shares is retractable by the holder at any time for the following amounts: etc... etc...