Ok what you are missing here is that both TOT (-35%) & HPI...

Ok what you are missing here is that both TOT (-35%) & HPI (-25%) are trading at large discounts to NAV. Also did you correctly account for distribution receivable on HPI & TOT. Fund Management also worth about 10C. They calculate 78C in the report (without the look through)
So I can understand why Tony Pitt bought so much stock. He can creep up the register (in the buying windows) and then make a takeover to take it private say at 72C. He sees more value in buying TOT than a major buy back for TGP. I suspect they will do both. Happy to hold and will buy more if the discount blows out.