Ravelin Properties REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.RPR.DB

Surprised here

[Northforce13]

Unexpected.  Very rare when a borrower is actively working to reduce debt.

This explains why Armoyan hasn't been buying.

Perhaps the lenders lost patience, maybe the CEO was semi slow walking asset sales and the lenders were unhappy.  The CC sort of indicates this possibility, wherein the CEO alludes to hoping debt markets thaw somewhat to facilitate asset sales, which would not only facilitate asset sales, but perhaps also take the pressure off selling assets and thereby allow Slate to hold more assets and achieve its prime directive of maximizing asset management fees.  

I guess we will see how this story plays out. 

I own some debentures, if they turn into a total fire sale upon market trading resumption, I might contemplate doubling down and buying more, though obviously the dbes are riskier than before.  The assets themselves are okish, the problems lie with the REIT itself.

[rad10]

  you might want to check with your broker before doubling down.  Will you be paying the accrued interest?  This will be a significant chunk, and dramatically change your cost basis.  I would check this before putting in a stink bid.

[rad10]

Northforce - I would wait until the debentures are formally in default before taking a punt.  Mid July for two of the series.  Paying a boatload of accrued interest makes no sense.

[Northforce13]

Going to sleep on it for sure.   I tend to buy heavily when no one wants something or there is there is panic selling ("blood in the streets").  This often blows up in my face, but when it does not I do well.   Panic situations I have purchased recently include Sberbank and Lukoy, just before the trading halt 3 years ago (Russian shares), which I still hold

[CrazyTrader]

Hi rad10/Northforce....    What's this when you say "paying a boatload of accrued interest makes no sense" if you plan to buy the debentures??? How do debetures work?   I thought company pays the interest?   

[Northforce13]

When you buy debs you pay the price + youll notice that you also paid the interest accrued to that date, which is added to the price paid.  Same for selling.

[CrazyTrader]

Wow Northforce13, good to know.       Seems strange for a buyer to have to pay the interest when the company may never pay.    I assume that's not how it works for stocks and Prefer shares.   

[rad10]

  correct preferred and common shares have ex dividend dates.  Debentures trade like bonds with accrued interest paid to the seller.   If you are paying 3 cents on the dollar which was the offer on one of the debenture series before market open.  The overall cost basis would double with accrued interest payable.

[CrazyTrader]

Thanks Guys (rad10/northforce13).  I have another question.   Face value of these Debentures I believe are $1000.   So why does the long term charts basically show the trading price starting around $100 only?    I've never traded bonds or debentures, I'm totally green here.  

[pennydredful]

Even  though  1000  amounts   they   are   quoted   in    100 hundreds  same  as  all  other  bonds .

[pennydredful]

Once   the  company  indicates  it  is not  paying   ,  bonds   trade   flat   ie    with   no  accrued  .  I  posted   this  awhile   ago   .   Should   be   a   TSX    bullinten   

[rad10]

  that's from June 25th

[Northforce13]

You bring up a very important point for anyone thinking about buying or selling.   The debs have $3-$4 of imbedded interest in them currently, depending on the series, int rate and int payment date.    I am pretty sure (95%+) the interest continues to accrue and is paid on purchase/sales.    I seem to recall a similar situation long ago in which the debentures I was