Don't let TGP ship away for a ridiculous $17/share.... alvarez/E+ via Getty Images
For the last few years, being an owner of Teekay LNG (“TGP”) - or any of the other TK family entities for that matter - has not been a lot of fun. There
Why Investors Should Vehemently Reject Teekay LNG's Proposed Take-Under Offer
Summary
- Low-ball take-under offer at $17 per unit - just as energy-related stocks have started to move.
- TGP’s management is rewarding shareholders’ loyalty and patience since 2014 by insulting their intellect and stripping them of significant potential upside.
- TGP unitholders have not just a right to vote down this attempted take-under, but in our opinion, a duty to do so.
Pedro de Noronha is the Managing Partner and Portfolio Manager at Noster Capital.
Before forming Noster Capital in September 2007, Pedro de Noronha managed the European Special Situations Portfolio for the Proprietary Positioning Business at JP Morgan, where he was employed from 2003. Prior to this, Pedro de Noronha was a mergers and acquisitions analyst for the energy team and global debt markets associate covering Portugal and Italy at Merrill Lynch.
Noster Capital was formed in September 2007 and is a London based hedge fund which invests globally following a value investing philosophy focusing on absolute returns. Noster was largely profitable during the string of the worst months of the financial crisis
The Noster Capital Fund was launched in March 2008 and is a Global Value Fund which invests in both long/short strategies along with other asset classes.
The fund is a value investing fund; it typically invests in equities offering value opportunities relative to intrinsic value, and the exposure is hedged against the market, depending on the stage of the market cycle and on the manager’s view of overall market conditions. The fund invests in any asset class and any cap, and also invests in unlisted investments.
Analyst’s Disclosure:I/we have a beneficial long position in the shares of TGP either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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