They have to distribute earnings and they realised a lot of...

They have to distribute earnings and they realised a lot of capital gains, but unfortunately we cannot take it all in cash, but are forced to accept half as shares. The distribution is unfranked, but will be taxable, though I assume as discounted capital gains. Distribution is worth $129 million. Note the size of the fees of $10.7 million or 3cpu roughly . Net asset value is now down to 1.06 with the units trading at 0.815 and the units we will get under the DRP are valued at 0.93cpu. Thus if you are fully in the DRP you cannot realise the full value of the distribution in cash by selling on market. This would be better as an unlisted entity.