Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

Insider purchases

[SNAKEYBOY]

When I reviewed sedi to count the ncib awhile ago I was reminded how manji spammed the buy side every day almost in the fall and in Jan and Feb as well, with a few weeks breather around blackout. Mostly for salamat investments which could be a third party.  We know he owns a lot but I was thinking how odd it is that there's been no buys since March, considering how much he binged and his lowest price was mid 7s. Especially since he is correcting his mistakes by reducing leverage and asset sales ahead of schedule.  I mean just one buy given his fat salary or deep pockets of salamat investments seems reasonable to accumulate. Any possibility a deal is being struck up in the background?

[Sundaym]

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[Reece1986b]

Artis still has a horrifying amount of debt with much of it being variable and it is mostly 1-3 years from maturity. I don't think this makes it particularly attractive as a buyout candidate. It is hard enough in this market to sell one office property and Artis derives 47% of their NOI from office.  It will be much more attractive if/when Cominar is liquidated and if they can pull out

[SNAKEYBOY]

Chris Blumas - BNN - PAST TOP PICK Most unloved asset class. Don't throw in the towel. 1/3 of business is owned by insiders. Immense pressure to be privatized, which often carries a 20-30% premium to share price. He's dollar-cost averaged down.  But market cap relative to asset base is tiny: 108 million shares x $7.20 = $777 million.  And a little under half is owned by

[Reece1986b]

Cominar is illiquid at this time and difficult to value. They do have the 18% junior preferreds though. The Artis 'unencumbered assets' are not really unencumbered in the sense most people would probably think. Quoting Artis: "Unencumbered Assets to Unsecured Debt Unencumbered assets to unsecured debt is a supplementary financial measure. Unencumbered assets represent the fair

[jmkOttawa]

You make an excellent point Reece. I am not sure if I would call their debt horrifying though ;). They are still able to fully fund the distribution and are buying back shares hand over fist with the cash generated by asset sales. I belive that Samir has the acumen and capability to lead Artis towards a strong recovery, given a little patience.

[jmkOttawa]

I think it is entirely possible that margin was extended to make some of those purchases and that the falling stock price may have limited margin available to keep buying- even if the price was more attractive than ever. Same for us retail investors. Nobody has unlimited resources.  Personally I would prefer that Artis is not bought out. The long term value is fantastic and selling for a