Ann: Bidders Statement - Off-market takeover bid for EP1, page-2

This is a great return to work for Tony Pitt in 2021. TGP is quickly becoming my favourite holding, as there's always plenty of action! I hope this one goes through.

I enjoyed this excerpt from the announcement:

We recognise that many of you have lost significant amounts of capital as E&P Shareholders. By accepting the Offer and receiving TGP Securities as part of the Offer Consideration you will be able to participate in the value created by the Proposed Restructure of E&P through the formation of two simplified businesses and removal of any existing conflicts of interest. 360 Capital has identified and executed on similar opportunities several times before, for example:

• acquisition of 19.9% stake in TGP and its associates for $0.33 per share in 2009, making an $0.80 per share capital distribution to all shareholders and recapitalising TGP as 360 Capital, which is now trading at $0.905 per security
• acquisition of Becton’s funds management business in 2010 for $28.9m and selling it for more than $300m in early 2017