I've been reading about Tony Pitt's unlisted private equity firm 360 Capital and how it is currently having loads of $$$ pushed into it (eg $30m by one of Melbourne's millionaire families- can't find the article now). At some point, TGP might take on shell-like qualities, when the property is realised. 360 capital was going to back itself into Olea, I think, but the deal was ditched. I am wondering if, As Tony Pitt is Director of both 360 Capital and TGP, he might use the TGP vehicle for some kind of entry to the ASX of 360 Capital- thoughts?
Re TGP trading, I've never seen it this slow- it makes me suspicious. :P I still don't get the notion of just giving people 20c per distribution, but we come out evens. This move didn't move us closer to NTA at all, as it was supposed to do. We now have debt of $45.8m, and ther company said distrubutions would occur when debt was below $40m. another asset sale and it looks like we'd be there.
This company is certainly a funny one. Very profitable in terms of capital gain since last yeear, and now, nothing... but probably loads of stuff going on in the background, I'd say. Robert Whyte is now TGP's biggest shareholder, with 23.89%. Tony Pitt's Pentagon Financial Services has 23.43%. Will Robert Whyte want a seat on the Board?
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