"maybe some shareholders have suggested that to them and they have started to worry about their jobs."
You have hit the nail on the head. I was at the investor meeting a few months ago in Perth and a few people were very vocal (me included) with regards to the big discount and poor communication to shareholders. Numerous people suggested that a buyback was the most obvious way to deliver value to shareholders at this stage. One gentleman (who is a financial advisor / and one of the largest shareholders in TGG on behalf of their clients) suggested that a 10% buyback was way too conservative and indicated to the chairman that they they would contemplate pushing for TGG to be wrapped up (should there be no visible progress in the near term). Spoke to the FA afterwards and he indicated that they have been having numerous discussions with management with regards to the NTA discount and other matters. The were also talking to WAM to see if they could cooperate to put pressure on management.
Management were clearly a bit nervous about the potential shareholder revolt as the Chairman mumbled something about being in touch and taking on board suggestions from the FA (as he was running for the exits). PS - have never seen management disappear so quickly from an investor meeting. Got the sense that they couldn't wait to get out of there.
I am also thinking about exiting when (if) the discount narrows further. Performance has been pretty poor as has been the treatment of smaller shareholders in recent cap raisings. Hard to see the value proposition longer term.
TGG Price at posting:
$1.21 Sentiment: Hold Disclosure: Held