TSX:AX.PR.E - Post by User
Post by
SNAKEYBOYon Sep 03, 2023 11:41am
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Post# 35618021
FEB 28 WAS A DO OR DIE MOMENT FOR ARTIS CEO
FEB 28 WAS A DO OR DIE MOMENT FOR ARTIS CEONo one could blame him for not seeing the rapid rise in interest rates....buying public securities was also his new strategy. and he was acccumulating FCR/D big.
Feb 28 is when Manji shouldd have looked at the tons of maturing debt in 2023, from debentures, to preferreds, to mortgages etc, all rolling at signficantly higher or having to be paid off. 300m tied up in public securities at a great bounce and FCR sitting as high as $18 and D at $17+ Frankie wrote him a letter.
That move alone would have made Artis unstoppable- no public securities, -300m less in debt. All in one shot. The most obvious and costly blunder to date. No one at the time thought holding on to those was a good idea- especially after losing FCR control!