Lanesborough Real Estate Investment Trust V.LRT.UN

Any Debentureholders here?

[quicksilver545]

Just curious if there's any holders here. I purchased around 120,000 debenture units at a ridiculous 6 to 8 cents per share, so have done well on the rise in debenture prices.

however, working out the number of units awarded, I feel like things could get even better. 

In reading the documents, quorum is 25%, then needs 66 percent majority. I voted my small percentage of debentures in favour of the restructuring, as something is better than nothing.

Curious though if this gets approved, the dilution will be massive. From 20 million units total to 670 million units. I have not seen anything about consolidation of units following transaction, but I would assume that is on the table. Otherwise, the TSXV has a limit bid price of .005, so at minimum the company will go from market cap of 300k to 3.35M following the dilution. Can't imagine the market will re-rate the units so favourable, but perhaps i'm missing something. I find it intersting that the unit price has stayed fairly stable. Perhaps the market is not expecting this to go through, or just market makers on very small volume not adjusting to the news.

Thoughts?