MCS Steel Non-Voting DR MSTUF

VOTING PACKAGE

[TimeBuilder]

Just got it today.......Wait to you all SEE what is on the cover.....Quote =  A Compelling Offer,  then a statement, Attractive Value,  US $ 16.15,  ALL-CASH,  STRONG PREMIUM, then the statement.....In a increasingly uncertain environment, now is the time to crystallize the value of your investment.  ....We have NEVER seen such a thing in ALL our investing history. To make these bold statements on the front cover of a Management Information Circular and then ask us to vote with management. Something is FISHY with this deal. IMHO...FYI :  We did vote NO immediately and will wait to see just how this shakes down, up or out. Regards to All strong holders, TimeBuilder PS: You must vote your proxy before 10:00 am EST on March 3,2017 ....hope it is NO.

[maypeters]

Article from National Post - which does say that the deal is quite suspect and the management is cashing out right away what they would have got over 7 years.  https://business.financialpost.com/news/fp-street/milestone-apartments-reit-opens-up-as-its-second-deal-gets-set-for-unitholder-approval Milestone Apartments REIT opens up as its second deal gets set for unitholder approval

[junglejames]

Anyone else have a call from Milestone encouraging you to vote "yes"?   I told them I've voted "No"  as the deal is opportunistic, and inadequate given both the future and the recent costs to absorb the management contract. I hold less than 10k shares so the must be getting worried.

[maypeters]

Just voted against. The way the package is structured - they are almost trying to frighten people into voting for. The whole section about market uncertainities just reeks of desperation and scare mongering.  Looks like the management team is looking to cash in their options and stock units before the 4 year vesting period.  Hope the sale does not go through but if it does not - I

[snewguy]

institutions hold about 78 percent of shares and only a third is needed to defeat.  if mgmt wins, you can blame it on their recommendation.

[maypeters]

buying milestone for lower than 52 week high will be great for Starwood and the management who wants to cash in fast. Hopefully the institutions vote against ... Sad that the breakup fee is so high .. No reason for that. Almost feels like management is working for Starwood and not other way round. Do make the effort to vote .. All votes count

[maypeters]

It almost feels management is bought out the way the front cover is designed. Even when Amica go bought out at 100% premium .. They did not have such fancy and bold wording

[maypeters]

I read the circular again and one of the reasons for selling out is the uncertainties in the market .. one reason is because of expected decline of USD vs CAD causing lower earnings for MST. Unreal.

[snewguy]

despite the recent strength of the loonie, most forecast it will be lower by end of year given that rates are unlikely to rise here and very likely to rise south.   As for uncertanties, the housing market in the US looks strong, buying and renting.  A lot of top picks are housing/real estate related..  Home Depot just posted great numbers.  And all before Trump implements lower

[maypeters]

As the National Post article alludes to - the management is cashing out their shares that they got for the internalization right away instead of over 7 years.  And these jokers are the first ones who have mentioned a risking CAD as a threat to their results.  Till now - they were in the best places in US where jobs are growing and now all of a sudden - everything has become a problem.