RE:RE:AGM Bucket ListAgree with your thought process on the assets and return on equity.
In my view, the company is overcapitalized by hundreds of millions of dollars. I am viewing Naomi's promotion to COO at Melcor as well as her increased involvement at the REIT to be a very positive development.
I believe that Melcor has made some missteps that had enlarged the empire but not made shareholders better off in the process.
There is a process that needs to take place that focusses the shareholder capital in a manner that generates sufficient returns and provides clarity on capital allocation. If Naomi has the blessing of the Melton's and the support of the Board, there is at least $250 million dollars in non-core assets that could be sold and returned to shareholders over the next 18 to 24 months. The company needs to be more forthcoming on its capital allocation and return profile by division. It's not acceptable for it to be a "black box" of recycled capital where there is a continuous erosion to the marginal rate of return on shareholder equity in the name of empire building.
If the idea is that end game at Melcor is to become a home for "Investment Property" ownership rather than a true "Development" the company should change its name to Melcor Investment Properties and restructure as a REIT so that shareholders would at least have the tax benefit of the flow through on distributions.
In my mind, this is the right time for Melcor to start to make some large and strategic decisions and I believe that Naomi is the right person to do it.
Looking forward to the AGM!
LR