Brookfield Shareholders Approve Capital Reduction On Distribution of Brookfield Homes.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 16, 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 its shareholders have approved a reduction in the stated capital stated capital See legal capital. of the common shares of the corporation in connection with the distribution of shares of Brookfield Homes Corporation. This authorization, voted on at a special meeting of common shareholders this morning, minimizes the tax impact of the distribution to shareholders. On January 6, 2003, common shareholders of record of Brookfield Properties Corporation on January 2, 2003 will receive a special distribution equivalent to one fifth of a Brookfield Homes Corporation share for each Brookfield Properties Corporation share that they own. Brookfield Homes is a Delaware corporation to be listed on the NYSE under the symbol "BHS BHS beta-hemolytic streptococci. " upon completion of the distribution. Brookfield Properties is spinning off its U.S. home building operations in order to maximize shareholder value. The spin-off will allow Brookfield Properties to focus on its core business of owning and operating premier office properties in select North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. city centers, while Brookfield Homes Corporation will be positioned to respond to the opportunities of the home building industry independent of a commercial properties-focused company. For further information on the Brookfield Homes spin-off, please refer to the Management Proxy Circular in the Investor Relations/Financial Reporting section on the Brookfield Properties website: www.brookfieldproperties.com. Brookfield Properties Corporation Brookfield Properties Corporation, with a stock market value of $9 billion, owns, develops and manages premier North American office properties. The Brookfield portfolio comprises 50 commercial properties and development sites totaling 45 million square feet, including landmark properties such as the World Financial Center in New York and BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. Place in Toronto. Brookfield is inter-listed on the New York and Toronto Stock Exchanges under the symbol BPO. For more information, visit the Brookfield Properties website at www.brookfieldproperties.com. Brookfield Homes Corporation Brookfield Homes Corporation is a residential home builder which also develops land in master-planned communities and infill locations. The company designs, develops and markets single-family and multi-family homes primarily to move-up and luxury buyers and develops land which is sold to other home builders. The company's operations are currently in four markets: the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay ; Southland / Los Angeles; San Diego / Riverside; and Northern Virginia. For more information, visit the Brookfield Homes website at www.brookfieldhomes.com. |
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