Ann: Becoming a substantial holder for HPI, page-3

So what are your thoughts on HPI as a target?
I don't follow HPI (or didn't prior to TGP's move). But on a valuation perspective, it doesn't seem that opportunistic, and not trading at any significant discount to NTA (some REITs are 30-40% below NTA, notably office sector). Given that 360 claim to be active in dislocated markets, a hotels group wouldn't appear to be at the top of the list.

On 9/12 - shareholding has grown to 26.8M shares (13% total) which would pretty much have exhausted all of TGP's cash reserves from last report.
I suppose shareholders could appreciate that better to have the money tied up in income producing investments - rather than sitting on a cash stockpile... but TGP obviously don't have the resources to take over HPI, will require other insto investors etc if they are looking to break it up. Similar to Irongate last year, which all worked out in the end... though would have been a disaster if they had owned IAP another 6 months!

Hopefully we will see some updates shortly from mgmt on the HPI investment and strategy, though I expect they want to play their cards close the chest until they have finished acquiring, might still be building a position to 19%.