3.3c tops. Everything else must be used to manage FX and...

3.3c tops. Everything else must be used to manage FX and potential forward loan commitments, not least the 65% LTV on the capital hedges. Also consider recent property sale strips out sizeable earnings. If they were to try to replace earnings by investing at present property levels, other than by recycling sale proceeds, they would need to do a share placing at a discount to the market share price - destructive to all current shareholders. Property sale proceeds need fully retaining.