Before the end of this calendar year actually. MFI recurring...

Before the end of this calendar year actually.
MFI recurring management fees will cover all recurring expenses. The expected substantial one-off fees (establishment, acquisition, etc.) will then be mostly going straight to EBIT, thereby delivering a significant boost to profits.

The revaluations and unrealised gains will always form part of this company's revenue I expect, as with other similar companies, but as assets under management keep growing, the cash component will increase.

I think from FY08 onwards we will see a more stable and consistent earner. This H1's cash earnings were pretty good anyway.

Bill Ireland has said on a few occasions now that MFI will produce strong growth in EPS for the next 2 to 3 years. They have numerous new offerings for the H108, which will see AUM increase to double current AUM.