The principals of the REIT’s external manager sent letters to their fellow trustees accusing Nova Scotia investor George Armoyan of pushing the company to its brink
publicly traded units approach zero, a behind-the-scenes war is breaking out on its board of trustees between its managers and activist investor George Armoyan.
Slate Office REIT and the Welch brothers came to what seemed an uneasy peace with Mr. Armoyan. They signed a settlement agreement that placed Mr. Armoyan and another trustee on the board in February, 2023. In their letter, the Welches say the Slate Office REIT board had a meeting in November, 2023, to consider removing a limitation in its Declaration of Trust – akin to its corporate bylaws – on the trust’s debt levels. The goal was to ensure the trust “could better execute its portfolio realignment plan.”
But, the Welches allege, Mr. Armoyan’s G2S2 has not yet provided a letter of credit to backstop the tenant obligations. They say he has “repeatedly insisted on new terms or concessions not bargained for.”
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