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Bullboard - Stock Discussion Forum Pure Multi-Family REIT LP PMULF

"Pure Multi-Family REIT LP is a Canada-based real estate investment trust. It invests in multi-family real estate properties focused on luxury resort-style apartment communities in the United States, which offers investors exclusive exposure to U.S. multi-family real estate assets. Its portfolios are in Dallas, Texas, Arizona, Houston, Georgia, San Antonio, Phoenix, and Nevada. Its portfolio... see more

OTCQX:PMULF - Post Discussion

Pure Multi-Family REIT LP > Management is not acting in the interests of unitholders
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Post by valuator50 on Apr 05, 2018 9:56am

Management is not acting in the interests of unitholders

People can argue that the offer does not reflect the value of the trust's assets but the reality is that management has not been able to realize on that perceived value and it is hard for unitholders to have confidence that will change. Performance has declined and the trust has been paying out considerably more than it is earning.

Management has had over three months since the first offer by Electra to solicit other offers or come up with a strategy to show that they can acheive value greater than the offer price - they have done neither.

Also, management and the board have very little ownership of the trust so it's clear that their interest in holding on to their positions in management and the board are worth a lot more to them than a premium on the small equity positions hey hold. By not even engaging with Electra or coming up with alternative bids shows that they are acting in their own interests and not those of the unitholders.

I have been a long-time unitholder and want the trust to work out a deal with Electra - one that prioritizes unitholders and not a sweetheart deal for management.
Comment by bruloil on Apr 05, 2018 10:57am
Management seems to be afraid to loose their very good job and it is easy to understand, but one insider(Sherry Diane) added a few shares on march 20 at 7.96$. Is it legal? I hope Vision is adding shares so it can come on the board and protect their interest as our as well.
Comment by bruloil on May 01, 2018 9:28am
Management is fighting to keep their job, they even do robot call so we vote for their candidates. No way, they forgot to dulvulgate the offer twice and even the tsx listing promissed for long time. As Trump would had said : Bad people, very bad people, so sad...
Comment by CHECKMATE77 on May 01, 2018 9:31am
They can be sued personally, but have insurance for this
Comment by bruloil on May 01, 2018 11:17am
Insurance: Haven’t they raised their coverage under the current policy? The premium went up by more than 50% in 2 years. Furthermore now aren’t they proposing a compensation committee to overlook their compensation? No wonder why they are engage in robot calling their shareholders!
Comment by bcsc on May 01, 2018 1:59pm
Compensation committee arleady exists. Under their watch the base salary of the top 3 executives increased an average of 2.45x from 2016 to 2017.  Unitholders did not fare as well.
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