No worries Greenie,You may end up being right on the property...

No worries Greenie,

You may end up being right on the property management fees you've used and I agree it's always good to build a bit of slack into a model.

The property management fees should actually reduce a bit in FY25 as TGP receives a flat 0.65% of the total portfolio value which has fallen once again and may have one further smallish write down to come in my opinion.

I'd be open to the merger idea too rather than a takeover.

I think the merged company would be much stronger and be able to gather more interest from investors.

360 as a company seem to be more interested in private credit at the moment as I've had a few emails promoting new funds of theirs in this space.

It will be interesting to see whether TGP keeps participating in the DRP as that will see their stake rise even higher from the current 40% and further reduce the already tiny amount of free float that's already on the market.