The management rights is an interesting topic as BJT's contract...

The management rights is an interesting topic as BJT's contract is with BNB itself. It will be interesting to see what would happen if BNB is put into administration next Friday.

JP Morgan in a February research note used the Babcock Wind & Babcock Communities buyouts & based on a 2-4x annual fee 'price' came up with a range $22-44m for BJT's rights.

It is worth noting that the cost of the hedge termination is of course dependent on the FX. Having suffered from the horrific combination of a strong yen & a weak A$ it is possible one or both of those trends will reverse sometime in the next 5 months.

I also do not expect a final divi for 2009 & BTW neither does JP Morgan. For the record JP Morgan have a 30c target on BJT as of 13 February.