Company X ( a real-estate developer) applied at the PSE to be enlisted as REIT issuer. Records show that this company has a total paid up capital of 250 million. Due to its popularity, 1,200 investors already made their reservations to buy the would-be issued REIT, each to hold 40 shares. Based on this facts, two classmates in FIN 108 intensely argued. Mr. Ali WarRose claimed that Company X is qualified to become part of the stock market. Mr. Rey Pah countered that this company should not be issued a license to operate as REIT issuer. Who is correct? Begin your answer by saying "Mr. WarRose or Mr. Pah", then state your reasons. The presentation of your reasons must follow the sequence or progress of the facts.