I have wondered if perhaps shorters have been active..Bearing in...

I have wondered if perhaps shorters have been active..Bearing in mind that for the first time, TSI have introduced an alternative to cash dividends..

The $ value of a dividend has been determined for some time, regardless of the share price...If you elect to take shares instead of cash, then even before the 5% discount, the lower the share price on distribution day, the greater the number of shares allocated, per dividend $ value..( that premise, of course, ignores TSI's stated right to "adjust" the payout if in their view the payout would not be a reflection of what TSI consider to be "fair market value, at that point in time!)

The underlying soundness of TSI's investments,plus the fact that TSI is "virtually" takeover proof, by virtue of TSE's 48% holding, should ensure an eventual appreciation in share price..Only time will tell...