Hi BMissionYour comments re Brookfields credibility are spot...

Hi BMission

Your comments re Brookfields credibility are spot on.

However it would be foolish for BAO to pay a dividend at present because the cost (a $2.3 million top up payment to MPIF) would be way too high.
The correct strategy is for BAO to go into a wind up process, and return as much of possible of its $110 million NTA to unitholders as capital returns.

It should be possible to return maybe $ 50 million within 12 months and the balance of $60 million within say 3 -4 years.

The cost of the first cash distribution (the necessary top up payment to MPIF )would be $2.3 million and the second and final payment should cost somewhat less than that assuming that MPIFs underlying dividend income stream continues its steady improvement.

Under this strategy the payments BAO needs to make to MPIF would total about $4 million or 3.7% of BAOs NTA, a figure that I believe we can live with.

All minority unitholders should be pressing Brookfield to take this route.