So I just had a more detailed read through everything as well as...

So I just had a more detailed read through everything as well as reading through TGP presentation (it's a little unusual but I often find commentary on TOT in here that isn't included in the actual TOT presentations). I'm quite surprised at how bullish the language is and actually get the sense that some kind of transaction could be imminent.

They outright mention a share buyback in the same sentence as disposing of the Home HQ Artamon stake which is interesting.

They also say they have a great opportunity to increase scale, improve investor appetite and provide greater diversification in the current market.

Finally in the TGP presentation (in reference to their strategy for TOT) they say that they will "work with private capital on core investment opportunities".

What I can't figure out is how we are going to accomplish an expansion while sitting at a 35 percent gearing ratio (with a stated goal of this staying between 30 percent and 40 percent) along with paying out the vast majority of the current rent in dividends (which they've stated will remain stable for at least another year). There just doesn't seem to be room to move. Particularly considering there is likely to be at least one further drop in asset values in 6 months time which will lift the existing gearing ratio again.

The only thing I can think of is selling stakes in the two properties that they own outright? That would link up with the "private capital" line and would free up capital for further investment. Again though you'd think we'd have to sell these stakes at a discount to what was paid for them.

I've emailed the company and asked for a zoom call to be scheduled with management so hopefully this happens and I can share the clarification that I get on this forum.