Morguard Real Estate Investment 5 25 convertible unsecured subordinated debentures T.MRT.DB.A

RE:RE:RE:RE:RE:RE:RE:RE:RE:short interest

[babybunny]

There IS room for an activist investor here ... but as a c**k-blocker, not as a suitor.

As I see it, the biggest risk faced by us MRT minority unitholders is the risk of a takeunder, which I more colourfully refer to as a f**kover.  For example, if MRC were to offer $8 per unit for the remaining MRT units, when NAV is much higher.  I personally would not tender to such a lowball offer, and I think such a bid would probably fail ... but then again, it could squeak through.  I believe that this f**kover risk explains part of the price weakness for MRT units.

An activist holding just 20% of the public float could stop such an offer dead in its tracks.  Rai would have to make a fair offer, or else let MRT continue as a going concern.  Just by appearing on the scene, such an activist would remove the f**kover discount and drive an immediate share price increase.

A good opportunity for Artis REIT, IMO.