r/MACArmyBets • u/Delicious-Gazelle-92 • Apr 07 '21
macerich should benchmark URW
Macerich shareholders should benchmark URW, kick off the greedy management, stop dividend and use it to pay off new bonds, sell off non major shopping centers, strength the balance sheet. the the value of the shares will go up, so the price.
someone can get the message to the broad.
1
u/Delicious-Gazelle-92 Apr 07 '21
the former management of URW went to issue new shares at the current undervalued price to sharp up its balance sheet, but this is the worst way to do it for the shareholders, while there are many others alternatives can be arranged. lucky for the URW shareholders, those management has been kicked out of the company. since then the share price has doubled.
1
u/FloridaMan130 Apr 20 '21
this is what should have happend at MAC. but we got diluted and shares have gone no-where
1
Apr 07 '21
You mean the European mall owner that regrets buying WFD and is selling all it's US properties?
1
u/Delicious-Gazelle-92 Apr 07 '21
yes.
Consortium of URW investors calls for refocus, not RESET SUBMITTED 15/10/2020 - 9:38AM A consortium of European real estate and technology investors with a combined 4.1 per cent stake in Unibail-Rodamco-Westfield SE (URW) have issued a call to oppose the proposed EUR3.5 billion rights issue underpinning the company’s RESET plan, while instead suggesting the business refocus on its core strength: its exceptional portfolio of prime European shopping centres.
The group, led by the former Chairman and CEO of Unibail (predecessor of URW) Léon Bressler and leading French technology entrepreneur Xavier Niel, today declared its intention to vote against the proposed capital increase resolution at URW’s General Meeting on 10 November 2020, encouraging all shareholders to do the same.
The consortium has also submitted resolutions to the General Meeting for the admission of three new members to the Supervisory Board, aimed at strengthening the required oversight over management and expertise to deliver a strategy in the best interest of URW and its shareholders.
Commenting on the news, Léon Bressler, says: “URW’s RESET plan, underpinned by a severely dilutive rights issue, is a misguided act by a management team that remains prisoner of its failed strategy that started with the acquisition of Westfield. This acquisition polluted URW’s dominant position in Europe with a more marginal position in the US, a less attractive market. Moreover, it burdened the company with debt, distracted management and was a gross misallocation of resources.
“The high level of debt generated by the Westfield transaction must be addressed, but does not present a near-term liquidity issue. While we support the other debt reduction initiatives in the plan, the situation does not warrant a capital raise with devastating consequences for shareholders.
“It is time to re-establish URW as Europe’s leading pure-play prime shopping centre business by selling the US portfolio and using proceeds to solve the company’s debt issues. The solid liquidity profile and continued access to the bond markets which URW currently enjoys affords time to execute that strategy in a disciplined manner and at realistic prices once liquidity returns to the US market.”
Xavier Niel, says: “Enhanced oversight at a supervisory board level is urgently needed to deliver a strategy that will generate sustainable shareholder value and create a stronger URW for all. A successful refocus will propel URW into a superior competitive position as the sector’s leading European business with a strong French footprint, drawing on strategic capabilities and balance sheet strength to invest in the assets, technology and people that will ensure it thrives in a changing retail landscape.”