The Globe and Mail reports in its Friday edition that Slate Office REIT's managers have resigned from their executive and board roles, representing a victory for activist investor and company trustee George Armoyan. The Globe's David Milstead quotes the trust saying that Slate Management ULC, the external manager of the REIT, provided 180 days notice that it will terminate its management agreement. Trustees Blair Welch and Brady Welch, Slate Management's principals, also resigned from the REIT's board; Brady Welch is Slate Office REIT's chief executive officer. Units in the trust skyrocketed nearly 50 per cent in Thursday's trading on the news, closing at 85 cents each. The units have more than doubled since The Globe reported in late July on a behind-the-scenes war between the Welches and Mr. Armoyan. The Welches had sent letters to their fellow trustees accusing Mr. Armoyan of inappropriately bidding for the trust's assets and pushing it to the brink of insolvency with demands for more control -- allegations he denied. Mr. Armoyan, who owns 20 per cent of Slate Office REIT, said the company has badly underperformed its peers over the past decade while the Welches' company has collected $132-million in management fees.