Forterra Trust (formerly: Treasury China Trust)

[Boon]

Boon, it seems that you missed the point.

It is not that the liquidator will go after the asset of TCT. There is hardly any way for the liquidator to do it.

It is about the convertible bonds having conditions about who ultimately owns THRE and the property management company. The reason of the sale to Richard Barrett is to prevent earlier redemption of the convertible bond.

plus, the liquidator can also go after the transaction of sale of TCT units by the TH subsidiaries to Richard Barrett and John Ronan. So there is possibility that TCT units may be forced sale in the market to repay TH's debt.

Hi Freedom

Thanks for your concern.

I am fully aware of the bond issues. The amount involved is about SGD 70 million. I do not view the early redemption of the bonds as being a minus. On the contrary, I view it as a plus - if TCT has to divest (not fired-sales) BLP and/or Central Plaza to pay for the bond redemption – doing some divestment at this stage is not a bad thing – it would be even better if some of the sales proceed could be distributed to unit holders.

On your last point, assume that “forced- sale” does happen. Again, I see more plus than minus in this - if the controlling interests in TCT of both RB and JR combined could be reduced below 25% - the less the better.