Tamarind NZ enters administration, page-3

Perhaps. But if they're tight on cash you'd think they'd look to maximise their TEG holding by monetising the GAS holding. If they absolutely have to I'd think they'd pressure the board to distribute GAS and look for an off-market buyer of Tamarind's entire share.

Either way, no way they're stupid enough to sell 20% on market in the current environment.

I've heard though that it's more a necessary restructure than a fire-sale situation. I haven't spent anytime to corroborate so take that with a grain of salt. But it is a subsidiary, not Tamarind as a whole so the most likely outcome is they're no longer our central bank (lender of last resort) and are almost certainly off the market as a takeover suitor.