Login / Registeranother morning, another day of hell.
Postmedia announces sale of Toronto head office for $24 million
Postmedia's B class shares have become a penny stock.
At the risk of being accused of being a hit man by Vancouver Sun reporter Jeff Lee, I have some news to report about the company that owns his newspaper.
Postmedia Network Canada Corp. has announced an agreement to sell its Toronto headquarters for $24 million to The Rose & Thistle Group Ltd.
The newspaper company, which also owns the Province, may cancel the deal if it can't sign a lease to its satisfaction with a new landlord within 30 days.
Today was not good for Postmedia's B class shareholders. The stock closed at $0.80—down to less than five percent of its value of a year ago.
Follow Charlie Smith on Twitter at twitter.com/csmithstraight.
and it doesn't look good, does it?
I'll wait until it is truly a (one) penny stock and then buy enough shares to force Christie (the blaaatch, oops, 'scuse me) Blatchford to write the Post's rival to Savage Love ... sure to appeal to the ambulance-chaser in all of us and drive the share price up.