Ann: Preliminary Update on Property Revaluations , page-30

re: Ann: Preliminary Update on Property Reval... As Coppertop pointed out, the valuation move (in just 6 months) wipes out about 14cps in NTA. Retaining the div of 3.5cps is relatively minor.

Moves in property values are more than likely going to determine AJA's survival/recovery. If they stabilise and/or turn around, new or retained capital won't be needed... if they don't, then the additional capital is just as likely to be wiped out too.

I think management may have taken the pragmatic view that shareholders would be better off with the dividend now under either scenario - and that the chance of the dividend changing the outcome is quite small.