I agree with you bcc. My understanding is that the holder of shares in a stapled structure entitles them to a share in both the operating company (TNK in this case) and the property company (TND in this case).
Therefore I don’t see how shareholders in the stapled structure don’t have exposure to development risk as they are now shareholders of the property company?
I don’t see the point of creating the stapled structure. Why bother having a separate property company ? If they were going to start developing new sites on their own, why not do so through TNK?
