Out of the Rubicons I just own RJT. Maybe it is a case of...

Out of the Rubicons I just own RJT. Maybe it is a case of significant fund outflows being experienced from property trust sector, meaning virtually forced selling of some stocks. As to the silence on the buybacks I just don't get it. Is it possible that in this environment they first wish to arrange extensions on debt that is maturing in 2008, before they embark further on stock buybacks?

If you need a good laugh go back and read the announcements around the buybacks and Allco acquisition around 31 October last year. At the time it was said a strategic view was underway with the primary objective to quote "reduce the discount that each of the trusts have been trading to NTA". Now look at the discount they were referring to then, and how much it has blown out since, versus the pedestrian share buybacks (if at all in the case of RJT) and you have to laugh.

I would like to see a hostile takover just to kick the Rubicon management out of jobs, even though it may mean not realising the true value of the trusts. Maybe this is a realistic possibility if the prices keep heading south?

I have no problems at all being a patient shareholder in the upcoming years, I don't necessarily need capital gains on these in the short-medium term. I just think in this environment their investor relations is pretty poor, i.e. to announce buyback and strategic review and harp on about reducing discount to NTA, only to let the discount widen further, stop buying back shares and be silent on the whole issue.