why assume 10% div ? , page-9

here's the note from the annual report. it doesn't tell us what they do with this "distributable profit". Clearly they are under no obligation to distribute if they made a loss as they have, UNLESS trust deed says otherwise.

cheers,

ned.

(1) The term “Distributable Income” is not a term defined under Australian Accounting Standards. Distributable income has been derived by deducting the above
non-recurring and non-cash items from the Australian Equivalents to International Financial Reporting Standards net (loss)/profit disclosed in the Income
Statement and which the directors consider represents the underlying operating performance of the Group for the year ended 30 June 2008.
The table above is presented on a gross basis.