RE:RE:RE:RE:RE:RE:RE:Par for the course...I do recall reading something about that particular advance in a Globe and Mail article not too long ago. Here is an excerpt from a Globe and Mail article entitled
Flirting with insolvency, Slate Office REIT sees board battle erupt between executives and activist investor
At the same time, the Welches say, Slate Office REIT was also “negotiating a material lease with a significant new tenant” that wanted the REIT to have a “financial backstop” to guarantee its lease commitments. The Welches’ Slate Asset Management offered to provide it, they say, but Mr. Armoyan opposed Slate doing so and “insisted” that his G2S2 Capital “could provide more favourable terms,” the Welches say.
The Welches say Mr. Armoyan then “demanded” changes to the settlement agreement that put him on the board. The Welches say he wanted to be able to initiate a proxy contest, acquire additional securities of Slate Office REIT and reduce the board’s size from eight to six, thereby increasing the relative influence of his allies.