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BPY default cash option with TDDI

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  • Aug 13th, 2021 2:55 am
[OP]
Deal Addict
May 28, 2007
1540 posts
858 upvotes

BPY default cash option with TDDI

What did people get in cash for their BPY shares if you did nothing and took the default option? It says $18.17 ( CAD or USD I'm not sure since I didn't bother to read what they sent) per BPY share.

I sold my shares soon after the announcement, but I received 2 BPY shares from the DRIP afterwards. TDDI ended up giving me $30.84 for the 2 shares (or $15.42 each). But $18.17 x 2 = $36.34. Why did TDDI give less than that?
Thread Summary
Wondering why no responses after so many views? Does it have something to do with the post saying a thread summary was never created for this post?
7 replies
Deal Addict
Jul 13, 2007
1171 posts
683 upvotes
Toronto
The default option wasn’t cash, it was a mix of cash, BAM and BPYPM. Of course with 2 BPY you wouldn’t end up with enough to buy a share of BAM or BPYPM so they should have given you cash for those too, but not sure with what math.
[OP]
Deal Addict
May 28, 2007
1540 posts
858 upvotes
HammerRFDer wrote: The default option wasn’t cash, it was a mix of cash, BAM and BPYPM. Of course with 2 BPY you wouldn’t end up with enough to buy a share of BAM or BPYPM so they should have given you cash for those too, but not sure with what math.
I ended up calling TDDI yesterday to ask about the amount. The rep went to ask a supervisor and when she came back she said they looked into it and did the calculation. She said what I received was correct. She said there was an option 7 if you did nothing. It was, if I recall her saying, $12 something U.S. for each share, so it converts to $15.42 CDN. I would have been better off selling those 2 shares and came out ahead even with the $9.99 commission. I just figured 2 shares wasn't worth the trouble.
Deal Addict
Jul 13, 2007
1171 posts
683 upvotes
Toronto
RCML27 wrote: I ended up calling TDDI yesterday to ask about the amount. The rep went to ask a supervisor and when she came back she said they looked into it and did the calculation. She said what I received was correct. She said there was an option 7 if you did nothing. It was, if I recall her saying, $12 something U.S. for each share, so it converts to $15.42 CDN. I would have been better off selling those 2 shares and came out ahead even with the $9.99 commission. I just figured 2 shares wasn't worth the trouble.
Sounds like you and I are still missing the cash for the BAM and BPYPM partials (which you should have received an additional cash payout for because TD doesn't do partials).
the default consideration and [...], $12.38 in cash, 0.0913 BAM shares and 0.0657 BPY preferred units.
https://bpy.brookfield.com/press-releas ... -184022474

The 2x 0.0913 BAM and 2x 0.0657 should have been paid out to you. I think TD has screwed up (or is delayed) and we should all expect a bit more cash since everyone will be in a slight partial situation.

I ran my numbers, and it seems like the only cash I got was for the cash, but I should have received cash for about 0.3 of a BPYPM partial and 0.7 of a BAM partial, but that ~$45 is missing after summing how much cash TD put in and subtracted from the BPYPM and BAM full-share acquisitions. The cash leftover just reflects that cash part of the deal and is missing the partials.

You're going to have to call in again for all of us :(
[OP]
Deal Addict
May 28, 2007
1540 posts
858 upvotes
HammerRFDer wrote: Sounds like you and I are still missing the cash for the BAM and BPYPM partials (which you should have received an additional cash payout for because TD doesn't do partials).



https://bpy.brookfield.com/press-releas ... -184022474

The 2x 0.0913 BAM and 2x 0.0657 should have been paid out to you. I think TD has screwed up (or is delayed) and we should all expect a bit more cash since everyone will be in a slight partial situation.

I ran my numbers, and it seems like the only cash I got was for the cash, but I should have received cash for about 0.3 of a BPYPM partial and 0.7 of a BAM partial, but that ~$45 is missing after summing how much cash TD put in and subtracted from the BPYPM and BAM full-share acquisitions. The cash leftover just reflects that cash part of the deal and is missing the partials.

You're going to have to call in again for all of us :(
Looking over the Activity column, I see the following:
- $30.84 for the 2 BPY shares
- $44.23 listed as BAM.A CIL. I already own some BAM shares, so I thought this was for that. Now I'm wondering if it's for the missing partials that you mentioned?
Images
  • BPY.UN Aug. 2 - 2.JPG
  • BAM.A EXCH LVS CIL - July 20.JPG
Deal Addict
Jul 13, 2007
1171 posts
683 upvotes
Toronto
CIL = cash in lieu. That's likely from BAM's own partials if you're dripping that too.

Either way, $74 is too much in total compensation for 2 shares from this deal.

The worst part about all this is that TD is holding our cash from us. If it was shares, whatever, I'll get them eventually, but cash, I could use that yesterday.
[OP]
Deal Addict
May 28, 2007
1540 posts
858 upvotes
HammerRFDer wrote: CIL = cash in lieu. That's likely from BAM's own partials if you're dripping that too.

Either way, $74 is too much in total compensation for 2 shares from this deal.

The worst part about all this is that TD is holding our cash from us. If it was shares, whatever, I'll get them eventually, but cash, I could use that yesterday.
If they are keeping the partial amounts for themself, imagine how much in total they are pocketing from everyone.
Deal Addict
Jul 13, 2007
1171 posts
683 upvotes
Toronto
I think they're just stalling, but it shouldn't take them this long to sell the extra shares they got and apportion out the proceeds for all the partials.

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