Hi Tim, Just moving on to TGP for a moment (re: your last paragrapgh). Firstly, it's odd that they haven't been buying ON market (when SP has ranged 58 - 62 since AGM... therefore... would have been cheaper than 65 off market buyback.
And then today... I'm also confused why this hasn; pushed the SP up towards 65. As I would expect that this offer is open to all shareholders. Perhaps up to a limit of $30 - $50k. And scaled back in the event that it's oversubscribed? Which makes it an easy Arbitrage opportunity if I take the punt today at 60 - 61. Perhaps the issue is they haven't given the full details of the buyback. But if it's anthing like the recent EP1 share buyback - a few months ago. It was possible to buy shares and 48 - 50c and then sell them to the company for a guaranteed 52 only a few months later. Not a massive gain, but on a % ROI for a short hold period I'm happy with a quick win.
Re: TOT. Nothing further to add than what you've written. If the cremorne asset is the ducks, then the inability to release the 2x vacancies is a cause for some pause. But yes, you are right... :No legacy issue... hahaha. keep the laughs coming TOT. 6.0% cap rate for Melbourne? Also doesn't seem that realistic
TOT Price at posting:
38.5¢ Sentiment: None Disclosure: Held
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