Not a good announcement and lack of willing buyers makes this...

Not a good announcement and lack of willing buyers makes this illiquid.

We have a Manager who probably doesn't want to give up their gig. Hard to see much alignment between a Manager and Unitholders - this trust now has negligible management and administration requirements and fees need to reflect this (but likely wont without a fight!)

Important not to get panicked by lack of distribution. This year will be a different story with surplus cash accumulating.

Neglgible gearing allows us to get much fairer value and exercise patience.

Not my best call jumping in (although am not underwater)but I don't see much downside in underlying value.