Regualtor,Spot on.Shareholders can take comfort in the fact that...

Regualtor,

Spot on.

Shareholders can take comfort in the fact that Eric Lucas (as he himself said today) has 18 million shares.

We need management on the boards of companies that we invest in who are, quite frankly self interested by virtue of the fact that they hold heaps of the stock. It's a lot more than a few hundred thousand shares that were granted as part of executive remuneration. It's 3% of AJA. That alone makes a prohibitively dilutive raising a non-event.

At a fair price then fair enough.

The commentary from the webcast clearly showed in my view a commitment to paying out most of Operating Profit or as they called it FFO (Funds from operations) bearing in mind, they would hive off some funds for prudent capital management. Well, that's fine by me.

I would also point out that it was alluded to that JN (which is 8% of NRA) may soon be 100% occupied. This alone will lift Portfolio occupancy by 1.44 percentage points to say just over 94%. If they find a tennant for Kokusai, then tennancy goes up to some 97%.

One or two big "if's" to be sure, but there is scope here for substantial and quick increases in occupancy levels.

We shall see.

Cheers and good luck.