13.3% decrease in portfolio value, page-2

Interest cover of 3.7x is impressive.

13.3% decline not so impressive but I think up to 20% decline was expected.

It is a mixed bag I think.

The hedge contract covenent of 65% is an issue. Property sales are not the answer as this will not necessarily reduce gearing %.

BJT needs a new counterparty or more than one if possible.