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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Agellan Commercial Real Estate Invtmt TR    ACR.U   CA00844Y1051

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Agellan Commercial Real Estate Invtmt TR : Sandpiper Group Acquires 10% Stake in Agellan Commercial Real Estate Investment Trust and Engages with the Board

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09/15/2017 | 03:52am CEST

Vancouver, British Columbia (FSCwire) - Sandpiper Group (“Sandpiper”) announces that Sandpiper initiated discussions with the board of trustees (the “Board”) of Agellan Commercial Real Estate Investment Trust (“Agellan” or the “REIT”) regarding the strategy and future plans of Agellan as well as a reconstitution of the Board. These discussions are ongoing. If discussions with the Board are concluded in a manner that is satisfactory to Sandpiper, it will issue a press release to provide an update as appropriate.

To the extent discussions with the Board are unsuccessful, Sandpiper expects to take further steps as it deems appropriate, including requisitioning a unitholders’ meeting of Agellan for the purpose of reconstituting the Board (the “Requisition”). Should Sandpiper proceed with the Requisition, it looks forward to providing unitholders with additional information regarding its highly accretive proposals for the strategy and future of Agellan as well as its highly qualified Board nominees.

Samir Manji, CEO, Sandpiper Group stated: “Sandpiper and its principals have a history and reputation of creating significant shareholder value. We believe Agellan trades at a material discount to the value of its underlying asset base. The REIT has demonstrated a growth strategy that includes issuing materially dilutive equity rather than pursuing other avenues for unitholder value creation. As the second largest unitholder of the REIT and with the support of a substantial percentage of the unitholder base, we look forward to representing the interests of our fellow unitholders while working constructively with the Board and management team to execute on our action plan which we are confident will crystallize significant value to Agellan’s unitholders.” 

In connection with the potential Requisition, Sandpiper has solicited the support of a small number of unitholders and today has the support of several significant unitholders representing a substantial percentage of the Units, including ELAD Canada Inc. Sandpiper looks forward to engaging with additional institutional unitholders and the retail unitholding base of Agellan.  Sandpiper expects to strengthen the Board and effect positive change at Agellan.

Early Warning Report Disclosure

The units of Agellan (“Units”) are being acquired for investment purposes. 

As a result of purchases of Units on the Toronto Stock Exchange, the aggregate number of Units held by all of Sandpiper’s managed funds at September 14, 2017 was 3,283,620, representing 10.0% of all issued and outstanding Units. Prior to September 14, 2017, Sandpiper held less than a 10% ownership interest in Agellan. The aggregate consideration paid to acquire the Units that are the subject of the accompanying Early Warning Report filed by Sandpiper is $37.1 million, being 1,983,620 Units purchased through the facilities of the TSX at an average price of $11.20 per Unit; and 1,300,000 Units purchased pursuant to the bought deal public offering at a price of $11.45 per Unit on February 27, 2017.

Sandpiper is located at 1670 – 200 Burrard Street, Vancouver, BC, V6C 3L6. For further information or to obtain a copy of the Early Warning Report filed by Sandpiper, contact:  Renzo Barazzuol, President, Sandpiper Group at (604) 558-4885.

About Sandpiper:

Sandpiper is a Vancouver-based private equity firm focused on investing in real estate through direct property investments and securities. For more information about Sandpiper, visit www.sandpipergroup.ca. 



To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Sandpiper09142017.pdf

Source: Sandpiper Asset Management Inc.


Copyright © 2017 Filing Services Canada Inc., source Press Releases

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Financials ( CAD)
Sales 2017 102 M
EBIT 2017 -
Net income 2017 38,8 M
Debt 2017 395 M
Yield 2017 6,47%
P/E ratio 2017 -
P/E ratio 2018
EV / Sales 2017 7,71x
EV / Sales 2018 7,16x
Capitalization 394 M
Chart AGELLAN COMMERCIAL REAL ES
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Technical analysis trends AGELLAN COMMERCIAL REAL ES
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TrendsNeutralBullishBullish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 12,4  CAD
Spread / Average Target 3,1%
Managers
NameTitle
Frank Camenzuli Chief Executive Officer & Non-Independent Trustee
Richard Dansereau Chairman
Daniel Millett Chief Financial Officer
Anthony Messina Independent Trustee
Glen Ladouceur Independent Trustee
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