below issue price in feb 2005, page-11

That could all be true. Guess have to wait and see how it unfolds. But yeah, I certainly agree that the buyback as stopped as they need to conserve funds now that they have the ANZ debt there and their priority would be to clear that.

The actual distribution paid is a difficult one. I would say that ethically they should pay around 9.75 cents per unit as a minimum. Why? Purely 7.5 cents multiplied by 1.3 (very rough I know). They lead unitholders to believe that they would be increasing distributions in proportion to the holdings held by LRF2 that waive their distribution rights. They have also basically used 7.5 cents as the base distribution.

At the end of the day I guess they can pay whatever they want, and still claim it as being more than if they had a larger share register.

A pity they have invested so successfully in the past. Then this whole dilemma would have never arisen.

MJS