you take my breath away

I was thinking of this song when I read the announcement particularly that scene from Top Gun when Tom Cruise and Kelly McGillis were bumping uglies.....

Anyway, suffice to say that announcement was "breath-taking" and I almost hit the sell button at 40 cents.

I spoke to Investor Relations IMMEDIATELY after reading it.

To quote "10.7 cents is no longer guidance". That's the message.

But take on board previous commentary. I was advised that the 7.4 cents or therabouts as scrip was obviously there as the cash position of BJT clearly would not have allowed for it...hence the scrip.

However, there is nothing to indicate that disctribution will be less than 3.3 cents. Indeed I believe the contrary still applies.

Obviously the yield won't be 10.7 cents. For what it is worth with the net sale proceeds they probably do in fact have enough cash for it.

The company now has some real options for withholding cash and paying down debt. I think this is great and will further strengthen BJT and indeed other REIT's for the long term.

I believe the market is confused and or digesting the announcement for the present. This announcement does have ramifications for probably all other REIT's.

I speculate a cash distribution of 4-5 cents and and the remainder into debt reduction.

Overall good news. I haven't read the judgemetn yet but i suspect it is essentially allowing REIT's to be treated like a company..