TSX:AX.PR.E - Post by User
Post by
Malpeque2on Nov 20, 2020 1:53pm
930 Views
Post# 31941995
Dear Mr. Martens
Dear Mr. MartensIt's easy isn't it when everyone gets on the same page? Sell assets for IFRS, use proceeds to pay down debt and stock buybacks. Now your working for the shareholders again!
The retail spinCo was a stupid idea. Your shareholders have shown a light on you and your cronnies on the BOD. Now the SpinCo is dead. YOu sold a retail asset. Cap rates were good. Keep going.
I think the buyback announcment is a bit on the light side. Let's see if you can exceed it.
Market Cap is $1.5B 2% of that is $30M. YOu just sold assets for $145M. I assume they were encoumbered about the corporate average. 55% debt/45% equity. Lets say you pay down debt with 70% of the proceeds. Thats $101M. The balance sheet strenghtens a bit. Then you still have $45 M for buybacks......Your 2% number is a bit under even if you go 70/30 from here on out on dispositions!
See how even a simple shareholder like me understands how to create VALUE for all stockholders. You should get with the program and give up any dreams of more asset purchases, increasing AUM, construction projects.....etc...etc......and start buying the stock for your own account. Even your cronnie BOD friends might jump in! Then we will ALL be on the same page. The days of the big salaries and insider fees for you are over relative to your smallish insider ownership. You don't own enough to protect your A$$ from the little guys like me, once we get a real vote on the BOD slate.
Sincerely,
One Shareholder