@madamswer i have read your  posts on various forums and i have...

@madamswer i have read your  posts on various forums and i have made my mind up.

Back to TRS, yes you may not have said it is debt, however you have inferred that,  by your workings on the balance sheet,that it is even though you have not said so,

I have maintained the note 18 is an ongoing rental liablity if you like, of carrying on anormal business, which TRS have been paying since formation of the business.

They use this as an expense against earnings, so in fact it is a good thing. I'm not sure of who you are trying to convince, but reading your posts i would not listen, and simply the stock is falling as Aus Super are selling, and that will be over sooner rather than later.

TRS still maintain a dividend 60% of NPAT as has been their principle since listing, and at $10-11million NPAT, equates to some 25cent dividend next year.

You can argue to the cows come home, but nothing has changed that 60%. 

For now we weather the super fund selling their what 1.1Mil shares they have left lol..If that was BHP or CBA, would be swallowed up in 34seconds, but since TRS only have 28 Mil shares on issue, it will take a some time.

Thanks for your reply

drifta