TIX NTA is (was) $2.34 (not $2.24) as stated in its August...

TIX NTA is (was) $2.34 (not $2.24) as stated in its August releases. However, TIX is acquiring ANI above ANI's NTA, and it's difficult (for me) to estimate the NTA and underlying share price of the combined company.

KPMG's estimates the combined TIX-ANI entity will have an NTA of $2.23 (pg. 23). Maybe the lower price this week is partially related to this lower NTA. More likely, the lower TIX price this week is due to selloff of TIX shares by ANI holders who have sold down their new shares following the quarterly dividend. ANI perhaps had a large number of short-term holders and/or holders who temporarily increased their positions to benefit from the ANI price increase caused by TIX takeover offer.


If TIX statements are reasonably accurate, TIX will appreciate in value due to (a) improved structuring of assets (i.e., selling poorer quality buildings), (b) inclusion in ASX200 AREIT index resulting in more attention from brokerage analysts and investment from instos, and (c) slightly lower admin costs (combined admin, lower TIX fees vs ANI, etc).

As a relatively long-term TIX shareholder (more than 2 years), TIX has been -- and will continue to be for the foreseeable future -- an excellent income investment. TIX has capital appreciation potential along with steady income generation in a solid market segment (industrial property). Just my opinion, so please DYOR.