Its portneys move to try to convince shareholders to avoid Corvex when the all out battle begines for the shareholder vote..vote white,vote red, bla,bla,bla.... I would love to see corvex make one last ditch effort come forward with a new bid...and have portneys reject it.... Say $30 a share... Boom.. by,by, portney out go the proxies.
The best idea will be to remove the entire board ..and maintain RMR for the time being...From there find a suitable aquisitors that will integrate Operations into there internal management operation...providing shareholders with a real nice upside...maybe north of $35 a share... Same play with SNH...VTR would love to integrate and discuss options with a friendly board....RMR is finished.
Once Klapco sets the meeting date...Montclair must strike fast.... Hold on folks... Montclairs gearing up..is show um..or fold um....
Record Date and Voting Power. Only Equal Shareholders of record at the record date of [—] (the “Record Date”) will be entitled to vote at the Meeting or any adjournment thereof, except to the extent that a registered Equal Shareholder transfers Equal Shares after the Record Date and the transferee produces properly endorsed share certificates evidencing the transferred Equal Shares, or otherwise establishes that it owns the transferred Equal Shares, and demands, not later than 10 days before the Meeting, that the transferee’s name be included before the Meeting in the list of registered Equal Shareholders, in which case the transferee will be entitled to vote the transferred Equal Shares at the Meeting. On the Record Date, there were 35,806,337 Equal Shares outstanding and entitled to vote.
Dear Shareholder of Equal Energy Ltd.:
You are cordially invited to attend a special meeting (the “Meeting”) of the common shareholders (the “Equal Shareholders”) of Equal Energy Ltd. (“Equal”), a corporation amalgamated under the laws of Alberta, which will be held on [—] at [—], local time, at [—], Calgary, Alberta.
At the Meeting, you will be asked to consider and vote upon a special resolution (the “Arrangement Resolution”) approving a statutory plan of arrangement (the “Arrangement”) under section 193 of the Business Corporations Act (Alberta) involving Equal, the Equal Shareholders, Petroflow Energy Corporation (“Petroflow”) and Petroflow Canada Acquisition Corp., a wholly-owned subsidiary of Petroflow (“Petroflow Sub”), to be carried out pursuant to an arrangement agreement dated December 6, 2013 among Equal, Petroflow and Petroflow Sub (the “Arrangement Agreement’). The purpose of the Arrangement is to enable Petroflow Sub to acquire all of the issued and outstanding common shares of Equal (the “Equal Shares”) while providing the Equal Shareholders with consideration that is fair from a financial point of view.
I think montclair highest bid was $4.80 not close to $5.43... I suspect the deal will get done if Montclair does nt come back to the table before the proxy gets mailed..a rejection at this point would certainly crash the stock back to $4.50 range..and i'm sure lawdale has done the math on exactly what that means in real dollars to them.
Commonwealth today offers corvex a seat on the board... what a bunch of manipulators... after a six month battle and 30 million dollars of shareholders money fighting them.
They obviously have nt sold a single share with no 13g filing......
with only a 66% yes vote required to ratify.....Montclair can't stop it...unless they up the offer soon.
I think personally..RMR is toast and so is Portneys and the board....Everything that is managed by RMR is discounted to its peer group... CWH, GOV,SNH,FVE,.....
Corvex has done shareholders a great service by actually putting a vote in their hands...something a shareholder by himself could have never done.....The dark side of the empire has been broken...and now the fish will feed..... I see a lot of opportunity in next few months...to unlock a a lot of value in CWH,SNH, and potentially FVE.....It will take a successfully YES vote to begin a domino effect with activist funds leading the way.
Yes..I keep a close eye on the action always....The restatements don't look to be much of a distraction right now...I suspect the portney discount is more of a key here...as Corvex readies the proxy for delivery....MCkay and SNH have no choice but to raise the divy and begine to appease shareholders as they must have already calculated the risks associated with losing control of commonwealth REIT.
With the opportunity to remove the Portney discount...VTR, hedge funds,ect will be a lot more opportunistic now that Corvex has broken CWH out of bondage and put it back into the shareholders proxy....
I suspect RT was nt who he presented himself as..80 year old REtired teacher ...think he was small time heggie...... He lost out big time on his last trade on FVE...so he left....not to be seen again....Reits have had a nice correction and should begins to gain some ground back..and raise there divy....
The market has now deemed PWE as toxic....
The divy is at risk
Non producing duverney won't sell
RG won't open the door to merger or Dutch action for all assets.
Producing assets are declining without replacement drilling....
China has lost a pot full on there investment.
Harpers new rules on ownership are now shutting the door.
Institutions fealing of wait and see put the hedge funds in control.
added a small position in SNH also...Hopefully the economy continues to expand and the Portneys get shown the door...as far as I can see...A true independent board should be able to unlock altleast 30 to 40% on CWH,SNH, and if that happens FVE also...VTR would happily embrace that opportunity.
that what Corvex is doing right now with CWH...ousting the entire board..and sending RMR out the door... CWH and portney spent 30 million of shareholders money fighting against shareholders right to proxy.