They announced they were 1/4 through the hedge book closure recently. Now the A$ has appreciated another 5% against the Yen, it is probable they have closed out more.
This should release a lot of cash for this cash starved entity.
I am relaxed about the fund having an exposure to the Yen going forward as the A$ is pretty high now v the Yen.
Now if they can just pull off a property sale close to book value, the landscape will look completely different.
RJT Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
