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'Blindside' may force Extendicare to cut distribution

Posted on June 23, 2008

Investors were blindsided by Extendicare Real Estate Investment Trust s decision to raise $126.6-million, according to a Bay St. analyst who says the REIT may be forced to cut its distribution.In a damning note to investors titled, Questionable Capital Allocation, Michael Smith, of National Bank Financial, said Extendicare offered no clue it was planning any new issue. There was no indication of a need to raise capital in Extendicare s Q1 disclosure, including its management discussion and analysis press release and discussions on a conference call, said Mr. Smith.Last wee...

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analyst , underperform