Sage has issued a new newsletter dated Feb 12, 2021. You can read the original here – following is my summary.
- Share Redemption – 587 shareholders asked to redeem ~$13M worth of shares which is way in excess of the $5.6M of available cash. The newsletter outlines the distribution of the share redemptions they were able to accomplish.
- Sage reminds readers they have a buy-sell database at http://www.sagedatabase.ca with a user guide here. For readers thinking about purchasing shares, compile your due diligence first. You’ll need to (a) make sure you’re allowed to buy these shares as some types of shares are restricted in who can own them and the Sage user guide doesn’t address this question, and (b) ensure that any investment you make fits into your overall investment timeline and possible future need for cash.
- Sage has entered a 10-year lease agreement with Third Acadamy starting Aug 8, 2022 with an option to purchase until Oct 2, 2022. If the Academy is not able to raise funds to purchase the school by then, the Board will market the school for sale w/a long-term tenant in place.
- Regulatory requirements to move forward with the new subdivision and water line would require Sage to get signatures from 175 property owners in the village, so Sage is going to court to dispence with this requirement. Assuming the court application is successful, Sage expects construction to commence in spring/summer 2021.
- The Aug 2020 offer to purchase the bare lands fell through so work on selling the property continues. Sage is excited by the additional value the new waterline will add to the property for future residential development.
- Given all the recent changes and the pandemic, Sage is evaluating the marketing strategy for the Harbor and Manor and will provide an update soon.
- Prince of Peace Harbor was placed on outbreak status from Jan 10 through Jan 30, 2021. The Manor was placed on outbreak status on Jan 11, 2021. Immunization clinics took place Jan 14, 2021 and Feb 11, 2021, with another one planned for the near future.
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