hedging reduced , page-9

i think you will find they mention;

Mr Eric Lucas, Senior Advisor to the Board, commented “Until recently the Trust has had a policy of hedging substantially all anticipated Yen distributions back to A$, however it has become clear that the benefits of this policy – providing medium term predictability as to the A$ level of distributions despite short-term exchange rate movements – recently have been outweighed by unhelpful market uncertainty as to potential hedge terminations. We will continue to review the hedging policy to achieve a balance between these considerations.”

Also with upcoming dividend of approx 3.3 cents cash and approx 7.4 cents made up by new share issue(better check that number as i am using memory), i think the smart money out there will suppress the price, as they, and also us, will gain more shares per buck.

Add to that Macquarie selling, i am not surprised by the lack lustre response today.

But from a medium term point of view (after ex div date)this is a no brainer from my point of view.