Post by
divime1 on Nov 18, 2024 9:11am
There still may be hope .
<div class="xn-newslines" style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 13px;"> <h1 style="box-sizing: border-box; margin-top: 10px; font-size: 16px; font-family: var(--sans-serif);"> Slate Office REIT Announces Changes to Board of Trustees</h1> <p class="xn-distributor" style="box-sizing: border-box;"> Canada NewsWire</p> <p class="xn-dateline" style="box-sizing: border-box;"> TORONTO, Nov. 18, 2024</p> </div> <div class="xn-content" style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 13px;"> <p style="box-sizing: border-box;"> <span class="legendSpanClass" style="box-sizing: border-box;">TORONTO</span>, <span class="legendSpanClass" style="box-sizing: border-box;">Nov. 18, 2024</span> /CNW/ - Slate Office REIT (TSX: SOT.UN) (the "REIT"), an owner and operator of commercial real estate, today announced the appointment of <span class="xn-person" style="box-sizing: border-box;">George Armoyan</span> as Chair of the Board of Trustees (the "Board") as well as the addition of <span class="xn-person" style="box-sizing: border-box;">Shant Poladian</span> to the Board. <span class="xn-person" style="box-sizing: border-box;">Sam Altman</span> has stepped down as Chair and has also resigned as a Trustee. The REIT wishes to thank Mr. Altman for his prior service.</p> <p style="box-sizing: border-box;"> "It has been a busy year for the REIT, and it has become clear that a successful turnaround requires a new strategic direction. As Chair, I will be working closely with the Board on the restructuring of the REIT and internalization of management.", commented Mr. Armoyan. </p> <p style="box-sizing: border-box;"> <span class="xn-person" style="box-sizing: border-box;">Shant Poladian</span> will assist the REIT with the internalization of management of the REIT following the previously announced process to terminate the REIT's management agreement with its external manager, Slate Management ULC.</p> <p style="box-sizing: border-box;"> Mr. Poladian has been actively involved as a senior real estate and capital markets professional for more than two decades. Mr. Poladian has served on the Board of Trustees of Killam Apartment REIT since 2023. He is Managing Director of Springhurst Capital Corp, a real estate advisory firm, and CEO/co-founder of Junction Realty Partners Inc., a boutique developer of mini-midrise rental apartments in <span class="xn-location" style="box-sizing: border-box;">Toronto</span>. Previously, Mr. Poladian was the Chief Executive Officer of FAM REIT, the predecessor to Slate Office REIT. Mr. Poladian holds a Bachelor of Commerce degree from the <span class="xn-org" style="box-sizing: border-box;">University of Toronto</span> and is a professional accountant in both <span class="xn-location" style="box-sizing: border-box;">Canada</span> (CPA-CA <span class="xn-location" style="box-sizing: border-box;">Ontario</span>) and <span class="xn-location" style="box-sizing: border-box;">the United States</span> (CPA – <span class="xn-location" style="box-sizing: border-box;">Delaware</span>).</p> <p style="box-sizing: border-box;"> "I look forward to working with George and the Board to re-imagine and execute a brighter future for the REIT. As an internally managed REIT, we expect that the REIT will be better aligned to drive value going forward," commented Mr. Poladian.</p> </div> <br />
Comment by
Tree2tree on Nov 18, 2024 10:35am
Of course we don't know what's happening behind the scenes, but this sounds like a company that is ready for a turnaround, not bankruptcy.