So I've been waiting patiently for this confirmation (since the...

So I've been waiting patiently for this confirmation (since the option was announced early June).
TGP have been fairly modest on this result. Given that effectively they sold their 20% share for a significant gain (46c to 62c in less than 12 months). So would have thought that this warrant a market release (likely coming later today). My loose calc is ~$7M of capital gain. IRR of >60% in the hold period.

So not to get too fixated on SP action. I can't understand why the CD price of TGP has fallen to 87c! (86ex Dvid tomorrow)
Since their last report (feb-21) there has been an uplift in the value of the majority of their Co-investments (TOT, IAP, EP1...)
My estimate would be an NTA of 0.97 - 1.00 if everything was Marked to market today. a Share buyback would make alot of sense at these prices (and why not +3c special dividend - given the war chest that TGP still enjoys post EP1 sale).

I think the market might be punishing 360 for a a few fails: e.g. the Dealt group IPO, and other capital raisings were not successful (AYF).
However, would not think these are huge expenses. I don't know what you pay advisers/lawyers etc for an IPO, but I would suspect not more than $2m total. The 360 Private Equity and Credit pillars are also subscale, but it is early days on these strategies. P/E needs to chalk a few wins from Cardioscan or the cable business to attract investors longer term.

So currently, 360 capital is a bit subscale ($600M FUM) which puts them at effectively a breakeven on the mgmt fee revenue vs. staff expenses (refer to the last H1-2021 result) useually only 0.6% revenue on their listed entities TOT/GDC etc. So that it's current valuation should be derived not on a P/E multiple, DCF etc, but the sum of it's parts - more like a LIC. Longer term, if FUM were to grow to 2Bn, it would be a significantly profitable Funds management business in it's own right.

That might seem fair fetched, but if you drill down into their co-investments held in TOT/TGP, Irongate, Peet Group, the NZ business, and even Evans Dixon. It is possible that they might push for a demerger of the funds management business from the underlying business. For PEET or Irongate this might make strategic sense, and a win for both shareholders, while TGP picks up $1Bn of real estate assets to manage. This last part is just conjecture, I have not read this anywhere, and have no idea if it will eventuate.

Final nod to GDC (data centre business). Might be due for some revaluation gains once the MIRA asset (ex airtrunk) is valued. 750MW capacity, it totally dwarfs NXT. Time will tell. 360 owns a significant co-investment of this.

Good luck to any holders out there.