Brookfield Property Partners L.P. BPY

Can someone explain how the proration will work

[Karl63]

I understand from Brookfield that an election for one of the three exchange options has now yet been made by investors.   Bam.a currently is Cdn. $59.58 and Bpy.un is 22.26.  Stating the obvious, .4 of Bam.a is 23.83, making it appear worthwhile to purchase Bpy.un at current prices and exchange for a more valuable Bam.a.  So, of course, I'm missing something here.  If prices remain unbalanced like this, I presume everyone would opt for the .4 Bam exchange.  If everyone does that, then is this where the proration kicks in?  Would they change your option by giving you a split of all 3 options?

[Vette08]

Hi Karl, At the end of the day the deal for BPY consists of: (i) consideration paid by BAM of US$3.27 billion in cash (ii) 59.3 million BAM common shares (iii) US$500 million in BAM preferred shares So if all of us BPY unitholders tick the box to take BAM shares, then yes, we will all get prorated with a slice of cash and preferred shares. Hopefully that helps. Still long, Vette

[pjn0987654321]

They have to wait to see what everybody chooses and then adjust if necessary.  Probably you will get a split of all 3 options.  Exactly what you get will be difficult if not impossible to forecast.   So yes, they would change your option depending on what everybody else chooses.