"in the medium term TRF will have income of $10m p.a. from its...

"in the medium term TRF will have income of $10m p.a. from its 20% free carry of the W.Hill DSO sales"

We know TRF has a free carried 20% interest. So how does TRF get its hands on $10 million per annum?

Does that mean the project after all expenses including depreciation etc. are taken into account must make $50 million clear profit before tax and then IFE pays TRF $10 million?

I'm still wondering why the market values IFE at only $64 million if IFE is really going to make $50 million in annual profits after all expenses are taken into account.