Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

Let's be Honest

[Frankie10]

We have ZERO capital available moving forward to buy more public securities. We are in fact a NET SELLER of securities now. The previous reasoning for lack of disclosure of current holdings was fear of being front-run - this reasonaing is no longer relevant. That said, can management please disclose the current holdings as a good faith gesture to investors, whom deserve to know what they in fact own.

Side note - Artis in theory can sell all public securities that outperformed Artis during the holding period, FOR A LOSS, and roll those proceeds into the NCIB - essentially pulling off a positive pair trade. This would unwind all public security bets, free up future cash flow for debt repayment and avoid taking on more debt to run the NCIB. Albiet staying in cash or simply paying down debt would have been better - dosn't mean you can't put a nice spin on it.

Manji take notes... you have an hour and a half before the phone rings with angry investors on the other end.