I have sent another email for further clarification to Investor...

I have sent another email for further clarification to Investor Relations. See below.
________________

XXXXX,

Thank you for your responses to date, you have been most helpful. I don't want to push the envelope but I just want to query BJT's "cash position" with you.

Obviously this is at the forefront of management's concerns particular in respect of the Bamford Judgement and (former?) obligations to pay out taxable income.

The most recent announcement in respect of this has now stated that BJT will payout a distribution in accordance with "available cash".

Based on 2009 interim results, BJT's cash position was for want of a better term "quite strong" in my view. There was ample Cash and Restricted cash on the balance sheet totalling some $107 million. That said, obviously we cannot know as ordinary unitholders what liabilities some or all of that cash would have been allocated for.

However, being that it's not a stretch to assume that the 3.3 cent cash distribution was budgetted for (based on previous ASX announcements), and there is some $81 million in net funds from the sale of Shinjuku, if I was totally pessimistic and assumed the hedge was closed out for the full cost of $40 million, that still leaves $41 million of "freely available cash" does it not?

I appreciate that some or even much of this would be used to manage debts perhaps, but given that BJT has no medium term debt maturity and will in all likelihood also pass down a capital gain to Unitholders from the sale of Shinjuku, doesn't this warrant that a sizeable portion of the remaining $41 million ought to be paid out as part of the end of year distribution?

As previously stated, I really appreciate your time and also respect whatever issues you may not be able to disclose as we approach reporting season.

Thank you in advance.

Kind Regards,
XXXXXXX