Melcor Real Estate Investment Trust 5 1 Convertible Unsecured Subordinated Debentures T.MR.DB.B

Is Melcor going down to zero??

[UltraTired]

What a bonehead move  by the board to suspend 100% the dividend to "unlock unit holder value"

You just killed the stock, was that their intention???

Where did they get $1.2 million in monthly savings from? Cutting the dividend is only around $0.5 million. Where is the other $0.7million?

[WEBuffettisbest]

There are about 29 million shares so savings are around $1.2 million. This is quite unexpected as Affo covered the dividend. Wonder if Melcor Developements are looking to buy the remaining shares that they don't own.

[UltraTired]

Where did you get 29 million from? TMX on shows MR.UN as having just under 13 million shares out.

[WEBuffettisbest]

The  float is 13 million shares, total shares outstanding is approximately 29 million.

[UltraTired]

Today's Market Cap was $35.4M with a share price of $2.73. That comes to 12,967,033 shares. TmX shows Shares Outstanding as 12.963M shares. Not sure what other shares you are talking about that makes it a total of 29M shares?

[EstevanOutsider]

Melcor is an okay entry here ($144 psf) overall which is well below their 'NAV' which I think it not going to happen in this rate enviornment. A lot of their office exposure is the $100 psf kind. Retail could probably easily be sold in due course for their NAV in my opinion based on recent sales. Overall it's probably reasonably valued here. The risk-reward isn't good compared to

[WEBuffettisbest]

Melcor developements owns 16.1 Class B LP units which are economically equivalent to trust units, so approximately 29 million total units.

[WEBuffettisbest]

16.1 million

[canadian]

I believe they might be having trouble refinancing their mortgages.  They have more than 100 million debt that they need to refinance this year (almost 25% of their debt) including 46 million covertible debenture. May go bankrupt

[UltraTired]

There is no way this stock can stay above $1 a share at the moment.