RE:RE:RE:Sandpiper's proposed board member... caution...also on your family note: Maybe you should know who they really are..but i have an indication you do. don't be shy to ask for more..
FrontFour's short-term strategy
The dissidents claim to be long-term investors. In its circular, Granite highlighted that FrontFour has a history of short-term investments, with an average investment holding period of approximately three quarters, and that a material portion of its position in Granite is held in call options, which expire shortly after Granite's annual meeting and would benefit from a short-term pop in the unit price.
The dissident nominees are unsuitable to represent the interests of all unitholders on your Board
Sandpiper principal and dissident nominee Samir Manji and dissident nominee Al Mawani have a history of related party transactions and have overseen poor performance in the real estate sector. Mr. Manji was Amica Mature Lifestyles' CEO while Mr. Mawani was a director on its board for a period of six years.
While the dissident nominees failed to drive performance at Amica, they were party to a series of related party transactions with the Manji family, including co-investments, loans, loan forgiveness and acquisitions of interests in entities controlled by the Manji family. Mr. Mawani reviewed and approved related party transactions with entities controlled by the Manji family in his capacity as a member of Amica's Investment Committee and as an Amica director.
The dissidents buried in the back of their proxy circular information that their third nominee, Peter Aghar, is a trustee of PRO REIT, despite prominently highlighting the public company board directorship of another one of their nominees in their May 26, 2017 press release. PRO REIT entered into a Strategic Investment Agreement with Lotus Crux, which is a partnership between Lotus Pacific and Crux Capital, an entity controlled by Mr. Aghar. The Agreement provides an incentive for Mr. Aghar, in his capacity as a trustee of PRO REIT, to pursue related party acquisitions with Lotus Crux. PRO REIT has acquired seven properties from Lotus Crux, all related party transactions, resulting in approximately C$550,000 of additional fees for Lotus Crux.
Mr. Manji's, Mr. Mawani's and Mr. Aghar's track records of poor performance and related-party transactions suggest that they would not represent the best long-term interests of all Granite unitholders if elected to the Board.