Ann: Entitlement Offer Booklet, page-33

your sentiment 'sell' might not be inappropriate in this instance. Especially for small shareholders. For small shareholders, the 'ethics' of the fund manager is of vital importance.As a small share holder, our power is zilch. There is no point engaging lawyers or PR consultants, the fees of such will overwhelm the value of any such investment.I make reference to a few slides:Factually true, but deviously false.Yes true because of taxed retained earnings.False because future underlying earnings cannot sustain the future dividends.TOT has been hyping this for several periods now. Sucking in dividend fully franked 'retail investors', with TGP (the fund manager) knowing this is only temporary and not permanent.Factually true, but deviously false.Factually true, because as the fund manager TGP can determine the dividend payable. Deviously false, because unless the stars align, then underlying future earnings will be less than the distribution of 3c. (Refer below slide)So with current knowledge future forecast EPS is 2.1c NOT 3c.The difference between 2.1c and 3c will be made up through top up from retained earnings (not sustainable), or upside from leasing vancancies. Maybe yes, and maybe no.And the most important part from an ethics point of view, THEY DO NOT ALLOW shareholders to 'top up', your allocation is your allocation.Even if other shareholders do not elect to subscribe, you cannot increase your allocation.Why????Because as others have posted, TGP views this as an opportunistic way of increasing their ownership. Yes because of historical transactions. Trick me once, shame on you, trick me twice, sham on me.!!!! Technically correct, but deviously false. In the years to come TOT will NOT be paying fully franked dividends.STOP using this fully franked BS to suck in naive retail investors!!!!TGP new about the stamp duty and transactional costs of acquiring the property. Why do they only now disclose this information as impacting their LVR ratio?????These guys are sharks in my opinion.The share price might recover somewhat after the completion of the capital raise, but there is no way I am putting my money in these guys hands.Invest as a minority investor with a shark, well don't get upset when you get burnt.!!!!

God dam hotcopper I am not reposting just because of time out!!!!