Hi FD & TH, I agree Resimac is the more natural owner of TGA's receivables / warehouse. I hear your reasoning why Directors / Somers are motivated to come back with a better offer preferably close to $1.46 plus franking credits.
However as I said previously I have no confidence they will come back with a better deal. The downside risk for me is too great if the NO vote gets up ie possible nil proceeds and TGA shares become worthless as TH pointed out. TGA's shares tanked to a 3c intraday low at the start of Covid. For me offloading receivables / warehouse ASAP greatly reduces risk with running costs significantly reduced to 3 directors fees and lower outsourced admin costs.
I don't agree a high cash LIC will trade at a 50% discount to nta. For my risk tolerance, listed ASX shares and cash are more attractive to me the than TGA in its current form. Not ideal but more attractive.