Officially BCL not renewed, page-15

The fact is BCL were rejected and cannot reapply for 2 years

In that time, the ABG has the decision to either sit on the asset and do nothing, or wind BOC up, return the cash and appoint a new developer to get the job done

With the $50M sitting in BOC's bank account, the ABG could buy directly into any new JV, cut a deal where they get initial equity, and have an experienced outfit, with key landowner support and funding commitments, actually get the asset re-developed

Let's see what they do ...