First Capital REIT faces mounting pressure as activist investor Sandpiper launches a board fight, the second unitholder to do so. Read on
The Vancouver-based activist investor has accumulated a nine per cent position in First Capital and has requisitioned a shareholder meeting, according to a statement Monday, confirming an earlier report by Bloomberg News.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“The incumbent board and management have lost unitholder value and today, they are pursuing strategies that will dismantle FCR’s irreplaceable portfolio – a portfolio that had been strategically curated over the past two decades,” Manji said in a statement. “We cannot allow these actions to continue any further.”
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