RE:RE:Q2 ResultsJsboutin wrote:
I agree. They are showing their capacity to monetize at or above IFRS values, are getting solid operating results and can clearly show a trend in a positive direction. I suspect the market was expecting more on buybacks, but the discussion in the earnings call made it quite clear that their main challenge in that side is that people are unwilling to part with their shares at current levels and that a subsequent SIB would likely not be very successful so close to the one we just had. The only thing I would hope is that they consider to close the gap to NAV is special dividends to redistribute the capital to unitholders when they realize sales, but due to the fee structure with BAM, I'm not holding my breath. I'm curious on your point of view on this last idea, Vette08. Somehow it's never mentioned and I was curious why. (Actually created an account just to ask the board this question).
I don't think they can do anything else than be patient and realize value for the shareholders (like they've been doing).
A special dividend would be a short time boost where share price would drop right after the dividend.
It's a bit funny that there aren't enough shareholders that want to tender their shares at higher than market price, yet the shareprice isn't catching up. This means the float is fairly small (or that shorters are creating extra shares) and not indicative of what the majority of shareholders believe the right value of shares should be.