The description of the leases per the AJD prospectus would seem to make TGP's ability to screw NXT over during lease rental reviews quite limited:
- Annual CPI reviews
- 5 yearly market reviews (subject to independent valuer if they cant agree)
- Ratchet clause that rents cant go backwards
- Ceiling clause that limits the rental after CPI or market rental review to no more than 110% of the preceding year's rental.
I would assume that M1 & S1 would attract a full 10% increase every 5 years, CPI is an observable fact that cant be fudged - so little room for TGP to impact NXT on those. P1 is doing poorly - so may not get a 10% rise - but its immaterial to the NXT anyway.
So I get that TGP may not be the people you would want to be in bed with by choice - but given the AJD RE appears to have little ability to actually impact NXT I also find their spending all this money to protect the independent AJD shareholders a little odd. Luckily due to divis from AJD the cost of carry to NXT is low.
Ann: Purchase of 14.1% Stake in APDC, page-41
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Last
$17.74 |
Change
0.280(1.60%) |
Mkt cap ! $10.21B | |||
| Open | High | Low | Value | Volume |
| $17.48 | $17.80 | $17.42 | $26.72M | 1.511M |
Buyers (Bids)
| No. | Vol. | Price($) |
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| 1 | 4766 | $17.71 |
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| Price($) | Vol. | No. |
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| $17.74 | 950 | 1 |
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| Last trade - 16.10pm 09/05/2024 (20 minute delay) ? |
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Last
$17.78 |
Change
0.280 ( 2.13 %) |
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| $17.46 | $17.80 | $17.43 | 311317 | ||
| Last updated 15.59pm 09/05/2024 ? | |||||
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