Brookfield Renews Normal Course Issuer Bid.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 11, 2002 Brookfield Properties Corporation (NYSE NYSE See: New York Stock Exchange :BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BPO) announced that The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. accepted a notice filed by Brookfield of its intention to renew its previously announced normal course issuer bid for a further one year period. Brookfield stated that at times its common shares trade in price ranges that do not fully reflect their value. As a result, from time to time, acquiring common shares represents an attractive investment and a desirable use of available funds. The Notice provides that Brookfield may, during the twelve month period commencing September 13, 2002 and ending September 12, 2003, purchase on The Toronto Stock Exchange and the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. up to 8,049,330 common shares, representing approximately 5% of the issued outstanding common shares of the company. At September 10, 2002, there were 160,986,616 common shares issued and outstanding and 82,898,603 common shares in the public float. The price to be paid for the shares will be the market price at that time of purchase. The actual number of shares to be purchased and the timing of such purchases will be determined by Brookfield. All shares purchased by Brookfield under this bid will be promptly cancelled. As of September 10, 2002, under its existing normal course issuer bid which commenced on September 13, 2001, Brookfield has purchased 2,332,700 common shares on The Toronto Stock Exchange and the New York Stock Exchange at an average price of Cdn$27.66 (US$17.73) per share. Brookfield Properties Corporation, with a stock market value of over US$9 billion in assets, owns, develops and manages premier North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. office properties. Brookfield also operates real estate service businesses and develops residential master-planned communities. The Brookfield portfolio spans 50 commercial properties and development sites totaling 45 million square feet and over 120 million square feet of space under management. Brookfield is inter-listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Toronto Stock Exchanges under the symbol BPO. For more information, visit the Brookfield Properties website at www.brookfieldproperties.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion