TPG +2.33%: Announced the sale of their entire mobile tower and rooftop infrastructure network today for ~$950m to a Canadian pension fund, using the proceeds to pay down about 20% of their current debt. Both Telstra & Singtel have made similar moves in recent times cashing in on the current appetite for infrastructure assets. Reducing the overall amount of debt TPG carries will reduce the cost of that debt and provide them greater flexibility moving forward. We recently added TPG to our growth portfolio as a more defensive position and view today’s announcement as a positive.
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Performance update for March, stocks that drove returns & our current positioning
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Fri 19th April – ASC200 -117pts, Pilbara (PLS), Whitehaven (WHC) & Woodside (WDS)
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Market Matters Research Lead Shawn Hickman with David Koch
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Friday 19th April – DOW up 22pts, SPI down -55pts
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MM remains bullish TPG
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