how it looks post-implementation, page-15

Wong this isn't a "REIT" anymore I reckon, since its focus is no longer on owning and operating properties, but rather development & construction + retirement. A traditional NTA measure for assessing its value would be more appropriate if it had a portfolio of properties it owned, much like the NTA of a fund.

BEC is not a 'trust' anymore as much as it is a builder.

PS: Give the company a ring and ask how the votes are trending if you need any more re-assurance that the deal is proceeding.