Brookfield Office Properties Inc. (“Brookfield Office Properties”) (BPO: NYSE/TSX) announced today that the Toronto Stock Exchange accepted a notice filed by Brookfield Office Properties of its intention to renew its prior normal course issuer bid for a further one-year period. Brookfield Office Properties 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 and a desirable use of available funds.
The notice provides that Brookfield Office Properties may, during the twelve month period commencing September 22, 2011 and ending September 21, 2012, purchase on the Toronto Stock Exchange and/or the New York Stock Exchange up to 12,584,851 common shares, representing approximately 2.5% of its issued and outstanding common shares. At September 8, 2011, there were 503,394,027 common shares issued and outstanding. In addition, Brookfield Office Properties has 14,202,000 Class A redeemable voting shares outstanding. Under the normal course issuer bid, Brookfield Office Properties may purchase up to 136,481 common shares on the Toronto Stock Exchange during any trading day, which represents 25% of the average daily trading volume on the Toronto Stock Exchange for the most recently completed six calendar months prior to the Toronto Stock Exchange’s acceptance of the notice of the normal course issuer bid. This limitation does not apply to purchases made pursuant to block purchase exemptions and purchases made on another exchange.
The price to be paid for the shares under the normal course issuer bid will be the market price at the time of purchase. The actual number of shares to be purchased and the timing of such purchases will be determined by Brookfield Office Properties, and all purchases of shares will be effected through the facilities of the Toronto Stock Exchange and/or the New York Stock Exchange. All shares purchased by Brookfield Office Properties under this bid will be promptly cancelled.