Ann: Annual General Meeting 2023 Addresses and Presentation, page-25

yeah this is always the offset.
Sell properties, reduce debt, but conversely, reduce future upside.

Net Net, I am still happy with CMW actions, even with reduced future earnings and valuation upside.

'A bird in the hand is worth two in the bush'.

Less future upside, but less future risk.

Given the environment I am happy with less future risk given share price already compensates for 'less future upside', but 'future risk' could result in much more downside if management actions to reduce gearing were not taken.

Net Net,
I am happy. Return not just on my capital, but return of my capital.

At least now I am more confident of return of my capital.