Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

Backup Plan

[SNAKEYBOY]

If Manji and the board and sandiper get cold feet to go "all the way" - i.e a sale, privitization or full scale liquidation to realize as close to NAV as possible (maybe it isnt possible after crunching the numbers or finding a buyer), then I highly suspect Manji will take a page out of Coopers book and raise enough cash, around 200m for the sake of a SIB to provide investors a firmer price for exit liquidity.  Not his PLAN A for sure but I could see it as a middle ground IF they cannot pull off a miracle "closing the gap" in a 1 year timeframe.  

I see it looking something like: 20m shares for $8.75.  Total cost < 200m, funded by asset sales, maybe FCR/D sales, selling Cominar stake to the other parties. etc.