TSXV:LRT.UN - Post by User
Post by
merriamon Dec 15, 2021 10:12pm
186 Views
Post# 34235317
How to change your vote for the better offer that may follow
How to change your vote for the better offer that may followIf you already voted yes for the proposal at Proxyvote.com, it is not too late to change it. Just log back in using the control number on your Voting Instruction Form. From there, changing is easy.
I voted no. Someone's first offer is rarely their best offer. My no vote is in anticipation of a better offer.
What might a better offer look like? Why not extend the due date on the debentures like they have done before? Why not just pay out the interest due in trust units and let us keep the balance as secured debt? That would help avoid flooding the market with so many units, helping to avoid a death spiral collapse in the trust unit price. But still, the debentureholders would get a whack of shares, just like in this proposal, but they also get to keep their principal in a more secured form.
A better offer would include provisions limiting the interest rate paid on debt due to Shelter and related parties, like the 2016 debenture restructuring had.
A better offer would lower or eliminate management and other fees paid to Shelter and affiliates for as long as debenture holders are not receiving interest.