I've been floating the TOT/TGP merger for a while as a TOT...

I've been floating the TOT/TGP merger for a while as a TOT shareholder .The merged company may have enough scale to build some relevance in the market. If there wasn't another deal imminent that required urgent funds why would they sell out of the HPI "strategic stake" at a loss when the REIT market is at a cyclical low point? The purchase made sense and aligned with their AGM comments on opportunities emerging in the REIT space but the sale was really odd and I also found it frustrating that at no point in the announcement did they mention they'd actually made a loss. I think shareholders are prepared to accept a secretive "black box" approach to management when it's underpinned by a strong investment record. These guys recent track record substantially underperformed an already broadly out of favour REIT index and I think that requires a change in tact.