I can't believe the naysayers and nervous nellies here. This is...

I can't believe the naysayers and nervous nellies here. This is a good deal to realise the development potential (i.e. profits) from the land holdings they have and start to put them into a development pipeline not dis-similar to the existing JV - and just look how that JV has performed - outstanding!

Anyone who thinks that BKW is "just a maker of bricks" is missing the point and the big picture. These guys think long term, plan long term, and then set about delivering. If anything, nowadays the brick manufacturing operations are the entry point into the massive cashflow and profit train that these guys have created as they use and recycle each piece of land several times over, with each passing realising profit and value for shareholders.

Any further comments on capital management (ie.e returns to shareholders) would be contained in formal HY or EOFY results, not in this announcement.