Numbers
- 37.5 shares
- 37.5 x 12 = 450m (market cap)
- 25m public float x 12 = 300m
- DIR instant liquidity (at $14.00) = $170m
When I look at these numbers I see the equity seems like peanuts, and that D is mostly mortagages/debt. They should be able to calculate how many millions they would need to free up in asset sales to make their balance sheet how they want it to look , and what else is needed to fund a NCIB or smaller SIB to mop up the float. I say 3 buildings + DIR sold = total 500m, after debt repayment have 150m left over. Sell non Toronto for a fire sale get another 200m.
If D hits $10.xx on this downturn a SIB should be offered for $12.50 - 10m shares instantly