TSX:SOT.DB - Post by User
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MARKOPOLISon Nov 17, 2022 8:53am
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Post# 35106146
SPOKEN TRUTH
SPOKEN TRUTH We have watched as SLAM has mismanaged this REIT over the past number of years. Transactions that don't add value, slashing the distribution by 50%, fees on top of fees," said George Armoyan, Executive Chairman of G2S2. "SLAM owns less than 10% of the REIT but they have set it up to have complete control. They are the only unitholder that is making any money from this investment."
"The 'strategic review' that was announced by the REIT after G2S2 publicly announced its intention to requisition a meeting to hold the Board accountable is just a self-interested delay tactic by entrenched and conflicted trustees. They are acting in the interests of SLAM, the REIT's external manager, rather than all unitholders," added Mr. Armoyan. "The strategic review should be postponed until all unitholders decide the future direction of the REIT at the Meeting. We have no confidence in the ability of the existing trustees to conduct an independent strategic review that results in a transaction beneficial to all unitholders. These are the same trustees who only days ago approved and closed a highly dilutive C$45 million convertible debenture issuance at a conversion price of $5.50 per trust unit, significantly below management's stated NAV of $8.71 per trust unit."