Hudson's Bay Co. HBAYF

Land and Buildings issues letter to Hudson's Bay

[scissors14]

Land and Buildings issues letter to Hudson's Bay https://seekingalpha.com/article/4082903-land-and-buildings-letter Hudson's Bay Jul. 31, 2017 10:46 AM Hudson's Bay Co (HBAYF)|By: Clark Schultz, SA News Editor Land & Buildings Investment Management issues a letter to the shareholders of Hudsons Bay Company (OTCPK:HBAYF) outlining a strategic plan to unlock "substantial untapped" real estate value. The activist firm notes the potential to call a special meeting of shareholders to remove members of the Hudsons Bay board. Key snippets from the letter are posted below. "The Company must act expeditiously before value continues to deteriorate by consolidating its operations and monetizing its real estate to capitalize on the disconnect between the Companys current share price and underlying real estate value." "The departures of two well-respected senior executives in recent months Paul Beesley, the Companys CFO, and Brian Pall, President of HBC Real Estate are deeply troubling and represent real losses in talent in the areas of capital structure and real estate strategy." "There are a multitude of options to unlock HBCs real estate value based on the highest and best use of each location." "If we do not see substantive progress on a plan to close the gap to underlying asset value, Land and Buildings may be left with no choice but to call a special meeting of shareholders to remove directors."

[las5513]

Based on this closing sentence/threat ("If we do not see substantive progress on a plan to close the gap to underlying asset value, Land and Buildings may be left with no choice but to call a special meeting of shareholders to remove directors.") I suspect L&B doesn't want to a shareholders meeting as they may get defeated, investors could easily decide to vote "NO" to