TIX Acquisition of ANI

Hmmm, who says property funds are sleepers! TIX provides solid reasons for combining the two funds into a single $800M industrial property-only fund. (these reasons are found attached to ANI's ASX announcement, not TIX's own confirmation announcement). Reasons that a single large fund would gain more interest from instos (sufficient liquidity, size criteria, etc), increase portfolio stability, and reduce the cost of capital (relative to what ANI currently pays, less sure whether lower than TIX current borrowing costs).

Of course, the combined fund means an exit for ANI's current responsible entity (Fife). Tony Pitt's crew are familiar with this situation because they took over TIX when it was a private fund managed by another entity.

Ultimately ANI holders decide whether to keep the current managers or agree to join TIX. TIX holders have no say in this matter, a quirky but likely necessary ASX feature that irked investment firm Allan Gray in the HZN-ROC scheme earlier this year (scheme was abandoned when ROC was instead acquired by another firm).

ANI was recently (this month) as high as $2.30, up from its late 2013 IPO of $2.00. But most of this price increase occurred over the past few weeks, likely when 360 Capital started buying almost 13% of ANI shares. Before that, ANI's sp was mostly in the doldrums.

360 Capital's current stake likely makes it the largest shareholder (IPO identified National Nominees as largest holder at that time with 11% stake). So, might not take much to get the vote over the line.