Post by
Northforce13 on Mar 08, 2024 3:10pm
Not much movement on sales
Thoughts:
They are tight for cash
10% of portfolio isn't a lot. Also the "sales" (rather "sale", singular connotation) are slow. The CEO statement of being a "first mover" is deceptive to put it kindly. If they were a "first mover" they would have already sold +/- 30% of their portfolio a year ago. They not a "first mover". They are a "forced mover".
They are motivated to hang onto assets to generate fees for slate management. This is and continues to be reflected in actions they take, including resisting Armoyan as best they can.
It is also possible that many of their properties cannot be sold because the price would be close to the debt owed on said properties, generating no net $ to address the leverage problem.
Everything said above pretty much reflects what others are and have said.
Comment by
MARKOPOLIS on Mar 08, 2024 4:24pm
Agreed it's a fire sale ....sells have been below IFRS it's in a liquidation stage