Slate Office REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.SOT.DB

RE:RE:Only one panic seller on the debentures

[TVR]

The amount of debentures changing hands over the past couple of weeks is pretty low, probably a lot less than $5 million.  Today's early morning buy was only $12,000 face value - less than $2000 purchase.

I think the play here is to buy and hold any of the debentures until maturity (all 3 series mature Feb '26- Dec '27) with a reasonable prospect of full recovery including accrued interest at the maturity date  If that does not pan out the recovery is still likely to be in the 40% to 60% range so a decent return when the price is around 20%.  I do not have high hopes for the common shares and switched all my SOT.UN shares to debentures over the past week.  Based on the latest write downs in property values it is hard to see the common shares retaining much if any value if this goes to a CCAA restructuring.