Today I pulled the pin on AJA (@30c) for the short term as the...

Today I pulled the pin on AJA (@30c) for the short term as the property devaluations were higher than expected a few months ago. It took me the weekend to figure out exactly where I stood as I was unsure of where I thought this would go.

It may be a mistake and only time will tell, but I believe that the 5% decline in values (about the same as last quarter) will give almost the same result as last 1/2 year report. If you assume that income is relatively unchanged, then the 5% devaluation puts the loss at about 65M for the half. This erodes the NTA again into the early 60c range. I have decided to wait until after the revaluations are >0 to re-enter AJA as I believe that it has enormous upside, but as I was unable to predict the latest revaluation, I have doubts about predicting the next.

I will be happier if AJA decide to withold a little more next FY instead of paying such a large distribution, to rebalance their financials.

I will re-enter if it gets to the mid 20's.