Sandpiper nominates five to board of Artis REIT - Winnipeg Sun

A push is underway to overthrow the board at Artis REIT (Real Estate Investment Trust) in Winnipeg, as Sandpiper Group is lobbying to have long-standing board members replaced.

Sandpiper holds more than a 5% share in the REIT and has the ability to call for a special meeting to call for a vote on the leadership of the group. Every unit holder will have the opportunity to vote on the proposal.

Samir Manji, CEO of Sandpiper Group, cites a proposal by Artis REIT trustees for a spin-off of current retail assets into a separate new REIT while the sector struggles.

“The company has, we believe for quite some time, has trustees that are over-tenured and, in our view, are entrenched in the board and as a result we don’t believe act necessarily in the best interest in unit holders,” said Samir Manji, CEO of Sandpiper.

The board members they are trying to remove have all been with Artis for a long period of time, some since it issued its IPO 16 years ago, this includes Armin Martens, Edward Warkentin, Bruce Jack, Victor Thielmann and Wayne Townsend. The Sandpiper motion would have them replaced with five new trustees including Manji, Heather-Anne Irwin, Mike Shaikh, Aida Tammer and Lis Wigmore, none of which are from Winnipeg.

Artis REIT issued a press release on Thursday noting the board had received the notice from Sandpiper.

“The Board is reviewing and considering the requisition with its professional advisors. It will respond appropriately in due course,” it said.

jaldrich@postmedia.com

Twitter: @JoshAldrich03