KEYReit – Update (buh-bye to some shares)

KEYreit - 466 Queen Location

Just a quick update on the whole KEYReit situation – so it looks like Huntingdon Capital has bailed out of the takeover talks leaving me to deal with the Plazacorp offer of $8.35 / share in a cash/stock deal.

Some additional good news is that the largest shareholder has decided to take his take all in shares; leaving more money for the rest of us.  There’s been also some additional news that has comforted my view of Plazacorp – they are in the process of listing on the TSX.  However, the share price still makes the cash/stock deal valued at around $8.16 instead of $8.35.

For laziness, I decided to sell my wife’s and mom’s shares at the current market price – mostly because their accounts are at a different brokerage firm than mine and dealing with all the circulars that have been mailed is becoming a hassle.  The $0.20/share difference is not that much relative to the gain they’ve already experienced from the take-over – especially since I have not yet figured out what to do with the offer.  While I am looking for a replacement REIT for them, I have put the proceeds into some other REITs (which may end up being their permanent home):

As for me, I still have until mid-May to decide.


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