They've got management rights to a fund that's been shredded in TOT and they keep creeping up the register every 6 months which is shrinking the all ready tiny amount of free float.
They've then basically turned the head co into a cash box and announced a buy back which seems unlikely to be able to proceed in practice.
The HPI experiment was also weird they held for a while and then sold out to Charter Hall at breakeven despite the portfolio clearly being seriously undervalued (which was demonstrated by Charter Hall then promptly taking it over at an attractive NTA discount).
I know when Intelligent Investor stopped covering them a few years ago they outright said that they expected this thing to eventually be privatised at an NTA discount.
You'd think the window of opportunity for that would be now though with commercial property markets seemingly near the bottom?
TGP Price at posting:
56.5¢ Sentiment: None Disclosure: Not Held
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