Samuel Terry letter to APW unitholders, page-14

Hi @thebear,

Always interesting to hear the other side of the argument. You seem to be comfortable with the underlying investments and income from APW at the current time.

The only thing I would add to this particular thread is that you probably need to know you will be comfortable with the underlying property investments for a very very long time. If you change your mind about this in the future and need to exit the investment, I suspect you would only be able to sell at a large discount to the NTA.

For example, even if the NTA grew to $2.50 in five years from now, it wouldn't surprise me to see the units still trade LESS than today's market price! I guess if one never needs the liquidity and is sure they are going to hold this stock for a very long time maybe this does not matter.

Or then again maybe there is an argument to say the discount to NTA will reduce in the future if the fund continues. Based on history though I don't see what that argument could possibly be.

I am curious if you have a timeframe you would like to be involved in this stock? Also hope you take my post in good spirit. I'm always interested to know more about different viewpoints on my holdings.

Cheers