Hear me out.
Initially it was all about the PDL show, stepping down, buying more shares, articulating him and partners wanted to make an "offer" for the REITS entire business.
Fast forward to September, TMR went mildly activist implying they wanted to take some assets (though they look like vultures probably wanting a good deal on these).
An activist fund manager has launched a campaign to acquire 14 hospitals in Britain from debt-heavy Northwest Healthcare Properties Real Estate Investment Trust, the latest in a series of hedge-fund crusades against underperforming REITs.
Early Monday, activist fund manager TMR Capital PTC Ltd. published a letter urging the board of Toronto-based Northwest to sell its British properties as part of a move to pay down $3.7-billion in debt.
TMR, which is based in the British Virgin Islands and led by Canadians, went public with its campaign after being privately rebuffed by Northwest in recent months. The hedge fund holds a stake in the REIT and declined to disclose its size.
7 months later neither have panned out and we learn of a 3rd major holder of 9%- Kolter Capital who is now on the board and made a statement in the PR which implies at face-value a full out sale looks unlikely:
"Northwest has an impressive, diversified healthcare portfolio with SIGNIFICANT value creation opportunities in front of it.. I look forward to supporting the REIT in executing on strategis to create value TODAY and developing the "longer-term vision for Northwest". Certainly his statement implies that NWH may be around for sometime. And its furthermore puzzliing that he was not on the board since the start of the review given his stake, so what exactly happened that he is added on now?
3 big players and PDLS partners, is there an internal battle going on for direction here? is this team competent enough to really get us back to $8+ and set us up for a sky-high recovery in the next few years, with or without a huge cut it interest rates....