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

RE:Interesting

[Malpeque2]

Penny.     Why are you so sceptical?    Read the Quarterly and annual reports.     This current Q they describe the methodology for determining the NAV.       It so happens that for about $1B of the properties they say they have obtained a 3rd party appraisal for these assets in the past 9 months.   I think it said 19 properties. 

Everyone knows rates are up.    That makes the properties worth somewhat less.

Do you think Armoyen bought all these shares and started a proxy fight over the BOD seats and the SLAM fees and the capital allocation to make $.50 cents?     

I think it's worth at least $6,   and maybe closer to $7.50 in a sale merger.    The more they parcel and piece it out and use the proceeds to buy down debt,  repurchase shares,  pay the divie on the remaining shares,   the more likely we head towards the higher end. 

20% Haircut to IFRS NAV seems reasonable to me.      Anything below a 30% discount I would vote NO.