SUUIF - Superior Plus: Brookfield's Involvement Is A Game Changer
Superior Plus (OTC: SUUIF) is dual-listed (Canada and US). All figures in the article are in CAD unless noted otherwise.
Anchor Investor in Place
On July 13, Brookfield Asset Management (BAM) invested US$260 million (~$350 million) in 7.25% convertible preferred equities. This represents ~15% of pro forma fully diluted outstanding share count. The option is already in-the-money as the conversion price is $11.63 vs. $12.17 current stock price. Superior can force-convert Brookfield after 3 years if the stock price trades above 145% of the conversion price for 30 days consecutively. Brookfield also gets