- G2S2 requests special meeting of SOT shareholders
- Nominates four highly experienced and independent nominees
- Calls for further changes to the composition of the Board of Directors by removing conflicting trustees and amending the Memorandum of Trust to increase the number of nominating rights for SLAM’s Board of Directors from two trustees to one
- Outlines the strategic plan to improve capital allocation, align shareholder interests through enhanced board oversight and conduct an in-depth review of each property to determine its highest and best use
- Warns fellow shareholders that the hastily announced “strategic review” by conflicting and entrenched trustees of the REIT is a transparent and self-serving delaying tactic
HALIFAX, NS, October 26, 2022 /CNW/ – G2S2 Capital Inc. and its wholly owned subsidiary Armco Alberta Inc. (“G2S2”), the largest shareholder of Slate Office REIT (“SOT” or “the REIT”) SOT, announced today that G2S2 has requested a special meeting of Slate Office REIT shareholders (the “Meeting”) to 1) renew the Board of Trustees (the “Board”) by appointing four highly experienced and independent nominees to the Board, 2) remove five conflicting and entrenched existing trustees from the board, 3) amend the REIT’s memorandum of trust to reduce nominating rights for the board of Slate Asset Management (“SLAM”) from two trustees to one, and 4) conduct an advisory vote requesting the board to take all actions necessary to internalize the REIT’s asset and property management functions rather than having an external manager manage those functions ( the request”). The nominees of G2S2 are George Armyan, Jean Charles Angers, Sharon Star and Ben Venditelli. G2S2 is also releasing its strategic plan to limit the nearly 50 percent trading discount of REIT entities to the REIT’s management-reported net asset value (“NAV”) and restore shareholder value.
“We’ve seen SLAM mismanage this REIT over the past several years. Transactions that add no value, cut the payout by 50%, fees on top…
