Ann: Entitlement Offer Booklet, page-22

I found today's price movements for TGP and TOT fascinating. I would have guessed TGP price would have tanked as well but stayed flat. Indeed the discount to NTA sum of parts and div yield do not seem attractive (rough calcs below but have not checked this sheet in a while).

More importantly TGP are a bit stuffed in my view if TOT entitlement offer has low take up given high debt levels vs low operational earnings, and every chance there will be low take up if TOT price continues to drop.

In my view the best outcome here would be winding up TOT and returning cash to shareholders, but that never seems to be on the cards with this mob.