# TSO - Tishman Speyer Office Fund



## MACCA350 (17 April 2009)

Picked these up 2 weeks ago as they started to rise, then there was a nice 28% jump yesterday. 

Is this rise in SP purely due to the companies buy back over the past few weeks? 
They decided on the buy back over paying dividends, what are your opinions of the buy back, does this share concentration bode well for shareholders?

cheers


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## drsmith (17 April 2009)

Buying back it's shares when it's got a lot of debt during a credit squeeze can at best be described as a very high risk strategy.

The buy back itself can however inflate the share price while it is active as it creates additional buying demand for the shares. Where the shares are purchased back at large discounts to NTA there is the potential for remaining shareholders to gain as NTA/share increases (assuming their property valuations are not too far off).

They are essentially betting all their chips on a return to more normal economic conditions before their loans are due to be refinanced.


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## MACCA350 (14 July 2009)

TSO has received an unsolicited takeover bid by Madison(currently owns 20% of TSO shares) and is setting up an indipendant committee consider the offer........as a result TSO shares jumped 30% today. The offer was for 30c per share yet the shares hit 31.5c already today.........what's the likelyhood they will have to up their offer?

My parcel has been growing and is currently up over 240%(though I sold some at 150% to return my initial capital)

cheers


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## MACCA350 (14 July 2009)

"My parcel has been growing and is currently up over *1*40%(though I sold some at 150% to return my initial capital)"

Correction............brain fart

cheers


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## MACCA350 (13 August 2009)

Received the offer from Madison and they are still offering 30c. 

TSO's response to shareholders:
Paraphrasing


> TSAL's indipendant directors have commissioned new valuations of the underlying properties and TSAL management have made substantial progress on debt restructuring and plans to update TSO unitholders shortly.
> 
> Currently TSAL's indipendant directors have recommended TSO unitholders DO NOT take any action in relation to Madison's offer until all of the information referred to in this update has been provided




With the current SP at 37.5c, a whopping 25% above the Madison offer, I'd assume they will not be successful unless they substantially increase the offer.

cheers


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