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

RE:RE:The key paragraph

[Northforce13]

"The suggesstion tnat the 3 series of convertible debentures "could" be converted to equity "

I don't see that as a significant possibility.  It would impact GA's holdings. They might make some minor offer to the deb holders, a bit of equity as part of a package asking deb holders to push out maturity date and lower interest rates in acknowledgement of the benefit they get from a strengthening of their position as a result of the capital injection.

"I will be surprised if the current common shareholder group ends up with even 10% ownership of the restructured SOT.UN.  "

I think that's only possible if SOT went bankrupt and as part of some bankruptcy deal current equity holders got X%.  As things stand, SOT is not bankrupt and any deal that is massively dilutive would, I think, have to be voted on by the unit holders.  

"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 refer to my comments re those "writedowns".  

"I do not see this dragging on for more than another  month or two at the most."

The offer will come rapidly.