sudden volume, page-5

I think its highly probable that TCQ will be privatized within the next 12 months - in line with the general consolidation of the sector

Between Christopher Morton, Steven Leigh and the external fund manager that has come on board to take 50% of TFML, one of the parties will have a shot

The disparity between NTA and market value is vast, particularly after they walk away from the non-recourse deals.

Share price 6 cents
NTA circa 25 cents (post non-recourse assets)

Keep in mind that these are hard assets, so even giving room for error on the stated book values, there is ALOT of juice here for someone to swoop in.

I think its also important to recognize that the business has been simplified to the point where it is no longer worthwhile keeping TCQ listed - its holdings are essentially a 50% share in a small fund management business (AUM well under 1 billion) and around 5 direct properties.

An operation of this size at most requires 1 or 2 property managers and a few analysts. Steve Leigh and Chris Morton are both super slick ex fundies and they will be eyeing this off with a few to making some very fast margins.

Watch it go.