Clean the Slate

Clean the Slate website is down at the moment, probably because of the broken SSL certificate.
Let’s hope it will be up again; otherwise, it looks suspicious.

Luckily, I have saved their presentation… twice. 🙂
And funny enough, these two versions are slightly different.
Old version: SOT Presentation
New version: SOT Presentation (11-29-2022)

The differences are:

  • Page 6 has some modifications;
  • Page 8(old), “When the Dust Settled…”, was removed;
  • Pages 22(old) / 21(new) has some differences;
  • Page 34(old) / 33(new), “Our Strategic Plan”, was changed;
  • Page 39(old), “Fishery Products International Ltd.”, was removed;

Am I too paranoid checking all these small details? 😀

6 comments on “Clean the Slate”

  1. My wild guess, since the website is still down:

    • They would have fixed it by now if it was a hacker attack;
    • Armoyan decided to shut down the website, which means he doesn’t need support from small investors anymore;
    • Because he struck a deal with another large shareholder(s) to have a voting majority;
    • Or with SOT.UN management, but this is unlikely, imho.
    Reply

  3. It looks like SOT.UN stock movement (down, down, and down 😀 ) is pricing a distribution cut.
    I would gladly accept a 100% cut with management fees being cut as well for at least a year just to aggressively pay down the debt.
    If they can improve both occupation and revenue at the same time, Slate Office REIT will be fixed. At least partially, external management and a useless board are still a problem.

    Reply

  4. The REIT is also announcing the conclusion of the comprehensive review of strategic alternatives undertaken by the REIT…
    …REIT will amend its monthly cash distribution from C$0.0333 per trust unit of the REIT to C$0.0100 per trust unit of the REIT.

    Source: Slate Office REIT Sets Date for First Quarter 2023 Financial Results Release and Conference Call, Announces Conclusion of Review of Strategic Alternatives

    There was no need for a “strategic” review, as cutting the distribution was the most obvious step.
    No cuts of the SOT.UN management fees, of course.
    Now the question is, will Armoyan clean this Slate, or have his plans changed?

    Must admit, seeing my distribution cut by 70% is no fun, even though it has happened to me before.
    During pandemic, lots of companies cut dividends by 100%, even though this time is different! 😀
    But this aggressive cut gives me some hope that Armoyan is actually behind it; otherwise, management would cut 30% (or ~50% like they did last time) just to barely stay afloat and keep sucking fees from shareholders.

    Reply

  5. Probably, the best time to buy SOT.UN shares, for those who bet that Armoyan will turn it around, is starting now.
    One might even want to wait and see if Armoyan starts buying again to confirm this theory.

    I was too early to buy and now bear the consequences of being 50% underwater, as something similar has happened to me many times before.
    When will I learn my lesson? 😛

    Reply

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