sometimes you have just got to agree to disagree.....however if...

sometimes you have just got to agree to disagree.....however if you are repaying loans, then it is basic logic that interest on that loan is reduced....(and overall balance sheet expenses reduced.)

MFS New Zealand has $500 million of property asset mostly in QLD....as Kiwi investors exit this fund (they get their cash back)....MFS acquires that equity in a proportional amount to redemptions.

Interesting that in Dec, only one third of funds available for redemption were withdrawn from MFS New Zealand. (thats despite a horrible run on other property funds over there)....then of course, the bad publicity changed the whole modis operandi for MFS New Zealand.

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With regard to Stella EBITDA....if you plod through MFS guidance post June 2008, (especially some Dec 2007 upgrades because of UK Global Travel acquisition).....MFS say Stella on $340 EBITDA 2008/9. (and growing). Sure you may not accept what MFA say about Stella - and thats fair enought.....however I am happy to accept MFS words on Stella, at least for now.

Thats about $160 million after tax.....NETT

We all understanding Stella is a compnay in its own right....they pay tax in their own right. You can bet however,CVC will pull as much as they can out of their new 75% owned travel business.

This will come in the form of franked dividends...... Of course MFS will get their entitlement of 35% dividend - or $50 million.

Remember though MFS parent are carrying tax loses....so with tax imputation....ie if the company (Stella) has paid company tax, the dividends you receive carry a tax credit which can be offset against your tax liability on the dividends.

I am 95% sure tax imputation applies intra company...can somebody confirm here.