Yes I think the company will take a fall So they had a target of...

Yes I think the company will take a fall

So they had a target of $3.1 to $3.3 bn. They announce they have exceeded $3 bn.

That announcement is a red flag.

They didn't say if they meet guidance. They didn't meet guidance and that explains the vague statement

Make sure check the full year results carefully because there will be smoke and mirrors

My contacts in water industry tell me the days of 17% returns are over 5 to 10% ... this being the case no more performance fees on water

They will meet fum numbers only by borrowing to building student accomodation as they treat debt and equity in these projects as funds under mgnt .

There are student accommodation buildings in Brisbane Sydney and Melbourne with tenancy rates of 50%. Good luck with performance fees

No performance fees the company will only just break even - that is fact