RE:RE:RE:RE:RE:RE:If the 32 million tenderedborne2run - do you not recognise bafflegab and pure BS when you read it? When the largest holders tender a big chunk of their holdings at the offered price, Frankie is right, they are clearly saying what they think thie REIT is worth. Being over subsirbed by 250% is NOT a vote of confidence or an attempt to maintain their exposure to this company. The fact that less than 5 million of the shares will end up cancelled, at best, tells you this was all about lining a few pockets at the expense of everyone else.
borne2run wrote: Michael Cooper spelled out the rationale for tendering all shares.
The SIB Offer represents unit repurchases at approximately 51% discount to March 31, 2023 NAV per unit and provides unitholders the ability to maintain the same exposure to the office assets while receiving approximately 31% of the market capitalization of Dream Office.
Full Quote from May 4th news release:
“Dream Office has an exceptional portfolio of office properties. The Trust’s ownership in Dream Industrial REIT units represent in excess of 60% of the overall market cap of the Trust. The SIB Offer represents unit repurchases at approximately 51% discount to March 31, 2023 NAV per unit and provides unitholders the ability to maintain the same exposure to the office assets while receiving approximately 31% of the market capitalization of Dream Office. Each unitholder can choose to increase their ownership of Dream Office or more or less maintain their ownership per cent and reduce their capital investment. We will look to opportunistically sell or partner on our existing assets to continually reduce leverage and increase the value of our business,” said Michael Cooper, Chief Executive Officer of Dream Office REIT.