Post by
Income on Sep 16, 2023 9:36am
Speculation from "Chris in Canada" on Twitter (FWIW)
AX.UN with a surge of volume again today. By my account, a TD buyer has likely purchased around 10% of the company since June. Last month, CEO Samir Manji noted Artis had started a strategic review process and this week they confirmed hiring a financial advisor. With 99% of the NCIB complete for 2023, it will be interesting to see what comes next as Manji has vowed to restore the unit price to NAV ($16 v. $7 trading price) with "whatever it takes," so far, of which has mainly included asset sales at full IFRS values to buyback units and preferred shares at huge discounts. Artis treated as an office REIT despite a significant "Class A" US industrial portfolio, average retail, small residential, and a significant stake in multiple privately held securities (Cominar-Iris, Dream Office & FCR) worth up to $400 million combined.
Comment by
Income on Sep 17, 2023 11:58am
For the record....I doubt this is accurate. Yes there has been buying thru TD. However it seems a bit of a stretch to asume all one buyer. No way to actually know. Encouraging to me in any event. Looking forward to this week's upcoming trading to see how it unfolds. Lomg and strong. Perhaps too long.
Comment by
SNAKEYBOY on Sep 17, 2023 1:17pm
Evanstanoutsider made similar speculative points. It's fair to say all artis holders are hopeful Mr Samir doesn't come up short. The Canadian reit sector is providing good deals to easily rotate cash into before the final close happens if you still at a small discount.