Odd Lot Index

Brookfield Property Partners L.P. BPYPM

Terms unclear

Unclear — read the filing yourself
In a Dutch auction, tendering too high can cost you the priority. The company picks the lowest price that buys the shares it wants, and everyone at or below that price gets it. Tender above it and your shares come back unpurchased — and because you are not in the accepted pool at all, the odd-lot priority never applies. Most offers have a box meaning "accept whatever price is determined", which keeps you in the pool; the trade-off is that you give up any say in the price. The filing explains both.
StatusClosed
Closing date2019-03-25
How it is pricedDutch auction
Odd-lot thresholdFewer than 100 shares
Must tender everything you holdNot stated
Must tick the odd-lot box on the formNot stated
Price offeredUSD $19.00 to $21.00 per share, in steps of $0.10
Most an odd-lot tender could be$1,881.00 to $2,079.00

Where each of these comes from

Every line above was read out of the filing. Here is the wording it was read from, so you can check it.

expiry = 2019-03-25...Guaranteed Delivery (all such documents, as amended or supplemented from time to time, collectively constitute the “Offer”). The Offer will commence on the date set forth below (the “Offer Date”) and expire at 5:00 p.m. (Eastern time) on March 25, 2019, unless terminated, extended or varied by BPY (such time on such date, the “Expiration Time”). The Offer is not conditioned upon any minimum number of Units being tendered. The Offer is, however, subject to other conditions, and BPY reserv...
listed = True...regulatory authorities in Canada applicable to issuer bids generally in connection with the Offer. Additional Securities Law Considerations BPY is a reporting issuer (or the equivalent thereof) in each of the provinces and territories of Canada, and the Units are listed on the TSX. BPY believes that the purchase of Units pursuant to the Offer will not result in: (i) BPY ceasing to be a reporting issuer in any jurisdiction in Canada, or (ii) the Units being delisted from the TSX. The Units are also registered under Section 12(b) of the Exchange Act and are traded on Nasdaq. BPY believes that the purchase of Units p...
mechanism = DUTCH...ive to any future earnings per Unit that we may record, although there can be no assurance of such earnings. What will the Purchase Price for the Units be and what will be the form of payment? We are conducting the Offer through a procedure commonly called a “modified Dutch auction”. This procedure allows Unitholders to select the price within a price range specified by BPY at which Unitholders are willing to sell their Units. The price range for the Offer is US$19.00 to US$21.00 per Unit. We will select the lowest Purchase Price that will allow us to purchase the maximum number of Units properly tendered and not p...
price = USD 19.0-21.0...n this document. Any representation to the contrary is unlawful. OFFER TO PURCHASE FOR NOT MORE THAN US$405,000,000 IN CASH OF ITS LIMITED PARTNERSHIP UNITS AT A PURCHASE PRICE OF NOT LESS THAN US$19.00 AND NOT MORE THAN US$21.00 PER LIMITED PARTNERSHIP UNIT Brookfield Property Partners L.P. (“BPY”, our “Company”, “we”, “our” or “us”) invites the holders of its limited partnership units (the “Units”) to tender, for purchase and cancellation by o...
threshold = 100...ssful Unitholders (with adjustments to avoid the purchase of fractional Units), except that “Odd Lot” tenders of Successfully Tendered Units will not be subject to pro-ration. See “Offer to Purchase — Number of Units and Pro-Ration”. What do I do if I own an “Odd Lot” of Units? If you beneficially own fewer than 100 Units as of the Expiration Time and you tender all such Units, we will accept for purchase, without pro-ration but otherwise subject to the terms and conditions of the Offer, all of your Units properly tendered pursuant to an Auction Tender at or below the Purchase Price or pursuant to a Purchase Price Tender. You should check the appropriate...
txn_type = TENDER_OFFER...pproved or disapproved by any securities regulatory authority nor has any securities regulatory passed upon the fairness or merits of the Offer or upon the adequacy of the information contained in this document. Any representation to the contrary is unlawful. OFFER TO PURCHASE FOR NOT MORE THAN US$405,000,000 IN CASH OF ITS LIMITED PARTNERSHIP UNITS AT A PURCHASE PRICE OF NOT LESS THAN US$19.00 AND NOT MORE THAN US$21.00 PER LIMITED PARTNERSHIP UNIT Brookfield Property Partners L.P. (“BPY”, our “Company”, “we”, “our” or “us”) invites the holders of its limited partnership units (the “Units”) to tender, for pur...

The filings

FiledFormRoleOn EDGAR
2019-02-11SC TO-Ioriginal (governing)View