Why TT Investments Is Offering $0.30 Cash to Take Over 360 Capital Group Now

TT Investments Makes Bold Move

TT Investments Pty Limited, controlled by Tony Pitt, the Executive Chairman of 360 Capital Group (ASX, TGP), has launched an unconditional off-market takeover bid for all stapled securities of 360 Capital Group at $0.30 per security. The offer, announced on 15 September 2025, is notable for its all-cash nature and the premium it offers relative to historical trading prices, adjusted for a recent $0.40 special distribution.

Premium Offer and Ownership Stakes

The bid price of $0.30 per security aligns with the closing price on the last trading day before the announcement but represents an 81.8% premium to the undisturbed price of $0.165 recorded before 360 Capital’s off-market buyback earlier this year. TT Investments and its associates currently hold a 50.03% stake in 360 Capital Group, positioning them as the largest securityholder and giving them significant influence over the outcome of the offer.

Offer Terms and Securityholder Benefits

The offer is unconditional, with no minimum acceptance threshold, allowing securityholders to accept immediately once the offer opens on 29 September 2025. Payment will be made seven business days after acceptance, providing liquidity and certainty of value. Importantly, securityholders who accept the offer will incur no brokerage or stamp duty costs, enhancing the attractiveness of the bid. The bidder highlights the opportunity for investors to realise value at a premium and redeploy proceeds into higher-yielding investments, noting that 360 Capital’s forecast FY26 distribution yield is a modest 3.3% based on the offer price.

Post-Offer Intentions and Strategic Review

Post-acquisition, TT Investments intends to maintain the current management team and strategy of 360 Capital Group, continuing its focus on real estate investment and funds management. However, the bidder plans to conduct a strategic review aimed at reducing operating costs associated with being a listed entity and potentially adjusting the capital structure of the investment trust to improve returns. Should TT Investments and its associates increase their ownership to at least 75%, they intend to apply for 360 Capital Group to be delisted from the ASX, citing the benefits of operating as an unlisted fund manager without the costs of public listing.

Risks for Securityholders Who Decline

Securityholders who choose not to accept the offer face several risks, including potential declines in security price if the offer lapses, reduced liquidity due to a shrinking free float, and the prospect of becoming minority shareholders in a company controlled by TT Investments. Additionally, 360 Capital’s reliance on third-party capital to grow its managed funds introduces uncertainty around future distributions, which are forecast to be significantly lower in FY26 compared to FY25.

Next Steps for Investors

The offer is scheduled to open on 29 September 2025 and close on 30 October 2025, subject to extension. Securityholders are advised to carefully review the bidder’s statement and consider the offer’s implications, including tax consequences and strategic outlook. TT Investments has appointed Morgans Financial Limited as its broker to acquire securities on-market at or below the offer price during the bid period, providing an alternative exit route for investors.