Yes, I think SP's at the only insto left? Not a great vote of confidence in TOT! Also I think used to be NAOS small caps in the past.
However, can you elaborate why the 2 entities would Merge? I don't think that makes sense for TGP.... they earn a fee on the mgmt rights (~$1.7m pa plus acquistions fees and performance (lol - in FY27 maybe!). Why would they want to internalise this an lose the revenue stream? Already at 30% co-ownership they are somewhat missing out (paying themselves? must be elimated in the accounts somewhere you would think).
Corpoarte debt was a much cleaner strategy for the group... ungeared, good returns and track record....
TOT Price at posting:
61.5¢ Sentiment: None Disclosure: Held
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