BOLD ARTIS VISION- IF I WAS MANJI - PUT EVERYTHING UP FOR SALE TODAY.
- PUT COMINAR UP FOR SALE
- SELL FCR/D ENTIRELY NEXT TIME THEY ARE AT TOP OF TRADING RANGE
- MAX OUT NCIBS ON ALL SHARE CLASSES LIKE THEYVE BEEN DOING.
- REFINANCE AS MANY UNENCUMBERED PROPERTIES AS THEY CAN FOR 4%
- GET RID OF 75% OF FLOATING DEBT (leave a bit in case rates drop)
When liquidity exceeds requirements and the NCIB is maxed out, do a small SIB at 10% premium to trading price.
When the gap closes and Artis is trading at $13+, and owns just a portfolio of junk that they couldn't sell (the market is valuing it at 0% anyway), and they have 1-1.5 billion in assets with 30% debt, then they could go after a underperformant canadian REIT that is yielding 8% and steal that or unlock value of that.
Manji went after public securities when Artis really wasn't in a strong position to do so, at least not in the face of rising interest rate environment which was apparent when he started a year ago.
Now he should sell EVERYTHING, cancel shares all day using NCIB/SIBS, and then when the debt goes away and the share count evaporates, he can act on an opportunity.
Buying cominar and public securities overleveraged himself and thats why he should restart his plan when they are like PMZ- 35% debt to BV.