paraphrasing

BJT sheds ties to b&b in all but name earlier in the year

BJT Mgt has since progressed towards reducing the risk of the trust by reducing easing gearing and reducing potential derivative liability through asset sales

Trust remains in the high risk category, though latest developments may indicate trust has turned the corner (my comments: sometimes you can hit a brick wall when you turn a corner. One you don’t see….LOL)

From a chartist point of view there has been a downward trend for two years.

Will still take time for investor confidence to turn around

References to the sale of Shinjuki…..Given the trusts is heavily geared converting property to cash is broadly positive.

The sale price is a 33% premium on the original purchase price

The fact that BJT sold their property at 18% discount to book highlights that cap rates will increase and further write-downs are likely.

Derivative liabilities are a problem for BJT. Trusts counterparties can force early settlement in August of each year.

Recent AUD appreciation and the property sale have reduced the potential liability in August.

The potential August settlement may now no longer be a major concern. This could change however if the Yen appreciates against the AUD.