Melcor Developments Ltd T.MRD

AGM Bucket List

[longrun86]

Hi Folks

With the AGM next week I was thinking of what my "wish list" would be to come from Management.

• Market Update: It would be good to get a sense of the market and guidance for the year by segment. The company has talked about being in "Harvest" mode but it would be good to see the scale of what that really means.
• US Community Development Assets: It would be great to get a sense as to whether or not this will be the year that we see a major move within the US land development (paper lots or developed). Perhaps there is a bigger discussion to be had as to whether or not there is additional value in the US properties that could be recognized by selling them rather than holding for cash flow.
• NCIB: I would like them to confirm that they will be renewing the NCIB. Last year they bought the maximum and at the current price they should do the same again!
• Capital Allocation: It would be great to get a sense of what the capital allocation framework is going forward (Dividends, NCIB, and internal re-investment by category).
• REIT: The REIT may be a stranded investment vehicle. I would like to get a better sense from Management (and the commenters on this board) as to why it makes sense to keep the REIT going rather than just absorbing it into Melcor and buying out the public shareholders.

Best of luck,

LR

[longrun86]

Also, I forgot to mention the Golf Courses as I don't fully understand what the potential is. Is there further real estate development to be done that would increase the upside in the Golf courses or are these more just an income producing stream? Perhaps this is the time to harvest.

[Marley66]

Thanks longrun for your great post and lets hope that they annonce NCIB as fast as possible and act on it!   by the way l'ama shareholder!

[babybunny]

Hi longrun86, some good topics.  The NCIB is definitely worth asking about.  Was 2022 a fluke where a particular large shareholder wanted out and sold blocks into the NCIB?  Or does management see a good prospect of completing the next NCIB and the one after that?  I would like some colour on their total land inventory.  There is so much capital tied up in that, and only

[longrun86]

Agree 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