Ravelin Properties REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.RPR.DB

RE:The key paragraph

[TVR]

The suggesstion tnat the 3 series of convertible debentures "could" be converted to equity seems very probable and if it happens will likely extinguish most of the value in the common shares.  Today's market opening is likely to see a big drop in the common share price, maybe even a new low.  It is a viscious circle.  The lower the common share price goes the more shares need to be issued to debenture holders and the lower the proportion of the company that is retained by the existing common shareholders.  I will be surprised if the current common shareholder group ends up with even 10% ownership of the restructured SOT.UN.  

With the latest property value writedowns eliminating a large chunk of the indicated common share  NAV at the end of Q2 the REIT has reached the end of its wiggle room.  I do not see this dragging on for more than another  month or two at the most.