Yeh, I've been pondering the reasons also, and each of...

Yeh, I've been pondering the reasons also, and each of Aussietoms 3 suggestions ran through my mind also on the announcement. I dont think the issue is they cant find anything worthwhile to buy, in fact I think I recall they said a while back they were eyeing something off but not as pricey as Patriots Pointe. Given also they can borrow at 30 year fixed rate in the US for 3.5% thereabouts, and rental yields on income are much higher, so there is a good earnings margin if borrowing, then this reinforces my view. So I come down to either ( or both ) a nudge from a major shareholder to recoup some capital and/or closing the NTA gap. I expected the SP to fall to upper 30's, maybe its a bit overdone, not sure, but I guess the question now is what is the annualized dividend looking like going forward. If they can maintain a 6 monthly divvie of 2c that would be brilliant, and at 40c (say) SP thats a 10% yield. The other question is what will they do with the funds after the sale of the outstanding tranche of Cleveland houses. Return as capital or plough it back into the business. Either way thats okay with me.