for ex hedges, page-5

Agreed . . .

If BJT are in a squeeze, they have a $250m AUD debt facility at about 40% LVR or so . . . so would like to think they can increase the gearing on this if they really need to, or easily sell one of these properties and raise 60% approx of sale price as cash.

Also CEO (equivalent) has a huge holding, so is in the same boat as shareholders.

I think the more you look at BJT, the better it looks.

MM