After spending the last 4 years writing down property assets and...

After spending the last 4 years writing down property assets and selling for less than book value, Trinity would have you believe that now is a bad time to realize the remaining assets of the company and that this path would 'unacceptably and materially erode NTA per security'.

I would argue that The Brisbane and Murrarie assets, which represent 80% of the portfolio by value, and which are respectively 91% and 100% tenanted, are readily salable.

The remaining non or low-yielding properties in Victoria can be sold as and when - there is no fire sale required. It appears that Trinity plans to sell these properties anyway - how else would they 'redirect ... capital from non or low yielding assets ... to business investments which can generate a strong return on equity'?

I am afraid that the Trinity future direction story is complete BS.

Trinity should de-list from the ASX to reduce costs and wind itself up ASAP. Long-suffering investors can then seek a strong return on equity wherever they see fit.