BTB Real Estate Investment Trust BTBIF

Demand Letter received today from BTB REIT CEO's Lawyer...

[b919191]

...Apparently, he believes my proposals are invalid and represent some sort of personal attack.

Why don't you be the judge, the link to the full letter on dropbox: https://tinyurl.com/3wpkr4tm -

If anyone would like to indicate their views on the proposals, to help me make the case that they are sensible, feel free to share your thoughts. As a reminder, in a nutshell, the proposals are:


Proposal 1
Independent investigation of BTB Governance and Human Resource (‘GHR’) committee to establish how material mis-statements appeared in past management information circulars;

Proposal 2
Change in focus of GHR to reward management for long-term performance instead of short- term performance;

Proposal 3
Binding annual vote on adequacy of compensation offered to BTB leadership (‘Say-on-Pay’) with predetermined consequences for results below certain thresholds;

Proposal 4
Mandatory abstention from voting on any proposal by BTB leadership members having a personal interest in the proposal being voted upon (for the avoidance of doubt, the Proposals are all considered to fall in this category);



Proposal 5

Prohibition from serving on any other board for BTB trustees, unless such a role is pro bono, uncompensated and related reimbursed expenses do not exceed CAD$5,000 annually.

 

I also asked that any family relationships between NEOs and employees of BTB be disclosed should they exceed marginal amounts.

[b919191]

I did want to specify that today's demand letter (the 'Letter') from Michel Leonard's lawyer also implictly confirmed that the Board of BTB REIT did indeed receive my unitholder proposals almost two months ago now (at the end of February), and since I have over the interim period received no indication of any problem with these proposals, I guess the good news implied by the Letter