Out of the $79m cash on BS, $20m would have been paid out as...

Out of the $79m cash on BS, $20m would have been paid out as distribution by now. Assuming 2H operating cashflow of circa $30m, that would leave $89m at the end of June, enough to cover the hedging termination option and another 4 cents of distribution.

It costs BBW 40m to buy back its mgt rights. Given BJT's peak market cap is about half of BBW's peak market cap, I would estimate it would probably cost 20-25m for BJT to buy back its mgt rights. This sort of makes sense with BJT's decsion to reduce the distribution from 6 cents to 4 cents.

If BJT manages to buy back the mgt rights from BNB, then it is quite possible that it could skip the next distribution (unless it disposes a property in the next 6 mths), which will cause some pain in the short term but create values in the medium term.