Post by
Frankie10 on Feb 13, 2023 3:31am
Sandpiper Fees
I'd just like to point out that when ARTIS invests in public securities. ASanpiper receives a fee in perpetuity vs. When Artis invests in Artis, Sandpiper receives no fee. Something for owners to remember should the REIT not fully excerise the NCIB while investing possibly tens of millions on public securities. For the record, I'm a happy owner and think what Manji has done is incredibly impressive. Side note - I reviewed the pref shares and the Series E are redeemable on Sept 30 of this year and will renew at the BOC 5Y + 3.3%. The Series I are redeemable on Apr 30 of this year and will renew at the BOC 5Y + 3.93%. Given this. I'd like to clarify that the Series I are LESS desirable than the Series E and are nearly identical to Series A which have been recnently redeemed. This, as well as the fact the REIT is repurchasing the prefs thru the NCIB, lead me to believe the Series I will certainly be redeemed and the Series E are likely to be redeemed months later. Looking forward to Q4 update.
Comment by
SNAKEYBOY on Feb 13, 2023 10:00am
Definitel not happy about that fee...they are essentially a team and why would they need Sandpiper to give them advice when the Manji's run them both, its shared knowledge. Just seems like an easy way to scrape a little more directly to sandpiper!
Comment by
HermannHaller on Feb 13, 2023 10:22am
And ironic given Manji ousted the previous board, in part, due to the payment of related party fees. You can understand why, despite AX.UN being so cheap, no analyst wants to put a BUY rating on it.