Saturday, March 23, 2019

Monday, March 18, 2019
An Open Letter to Urbana Corporation from Anodyne Inc.

To whom it may concern,

These questions are intended for your Investor Relations contact, Elizabeth Naumovski, but I would be happy to receive a response from anyone in the organization.

I am a long-term Urbana shareholder concerned by the fund's 50+% divergence from net asset value.  This divergence has sharply increased over the last 12 months.

If management actually wants to maximize shareholder value, such a massive divergence from NAV implies that management should be buying back stock as quickly as possible.

When will share buybacks resume? 

If management does not plan to resume share buybacks, what other steps will management take to demonstrate that their priorities are properly aligned with those of shareholders, as opposed to simply collecting management fees?

I would appreciate a detailed reply to my concerns, as would many other shareholders.


Christopher Brayshaw
Anodyne Capital
Vancouver, BC

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