Slate Office REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.SOT.DB.A

Offering is $4.90 but trading for $5+

[SNAKEYBOY]

do i got that right?

[HermannHaller]

Yes, which implies the deal is already sold out!

[CashHungry]

The $4.9 was for $55 mil (only about 25% of the financing) and it was for subscription receipts (conditional on closing) which normally have a stock price lower than bought deals with no condition.  SOT.UN went this route because they did not want to be held holding a large chunk of cash in the event the deal did not close. I am not surprised that the shares are trading above $4.9.  The

[HermannHaller]

If you have concerns about closing, you are better to buy the SR, so you get a refund if it doesn't close. If you want to ensure you own the stock even if the deal fails, yes, you could just buy the units on the market. I would think most investors will see this deal as a positive, and therefore go for the SR. Plus SR buyers get distributions, which is not always the case, and so they should

[Altman1979]

Hi Guys, RBC's SELL-side analysts are seperate from the investment bank. No relation due to securities regulations. Perhaps this is the reason they went with RBC (there is no SELL recommendation fro mthe sell-side!) There are no BUY recommendations from any research house on this name. They went with the big guys at RBC. It was a BOIUGHT deal, meaning that SOT already received the proceeds

[CanSiamCyp]

Hey Altman! BMO Capital has teamed with RBC on the secondary SR bought deal. BMO has been reporting on SOT.un for many years, and I bought in when BMO had an Outperform rating on the REIT. That was before the REIT mismanaged grossly, and had to cut the distribution in half (where it has remained to date) - at which point BMO adopted a Market Perform rating (where it has remained to date). The one