Ann: FY20 Results Presentation, page-7

Yes, there is alot of stink around ED1 (just check out the evans dixon thread on hotcopper).
However, at first glance, there is alot of negativity factored into the ED1 share price already (very low multiples, and huge cash balance).

So I think TGP got a bargain at 45cents entry. Though I assume they would need to pay a significant premium to get the remaining 80%.

But I agree, they are rarely "passive investors". ON track record - they tend move to full ownership fairly quickly.
E.g. URB, APD, and now AYF etc. The only problem is that this often leads to quite drawn out legal disputes.
Asia Pacific Data Centres (with NXT) and now also AYF look to be playing out this way.... can take a year, and alot of distraction to close the deal.

ED1 will be interesting if they move towards full ownership - as apparently most of the shareholders are insiders (staff, directors etc). So TGP will have may gave an interesting time persuading them to sell.

I don't think URF maangement is that attractive (fees have been substantially lowered on this unyieldy beast).
But if TGP mgmt consider themselves 'turnaround specialists' then URF would certainly make an showstopping turnaround story.