Post by
garyreins on Dec 29, 2023 9:56pm
We know for sure
They at minimum want to unload UK, Brazil and US porfolio's or some combination of that. 2b liquidated at FMV or at least in ballpark can bring leverage down to 40%, eliminate floating debt, and possibly fire up a NCIB for ~100m/year. The unknown is how much management fees they lose in the process, but its just a question of math if the high interest expense repayment makes it a lot more accretitive. If they are able to pull off a JV then that's what they always wanted to do but just bought themselves time from the UK JV failure in June. If they aren't going the full sale to PDL and partners then at least this option seems doable. They cited in september review update that they had unsolicited offers for these portfolios and we're now 4 months later