Ann: FY12 Production and Revenue Report , page-33

Out of interest, has anyone followed Intelligent Investors take on IFN. Quite fascinating really... after relying initially on the "fact" that the Infigen loans were "non recourse" to substantiate their Buy or Hold, and justifying this with saying their recommendation would change if this were not the case, they come out with the points that Marblehead illustrated earlier - i.e.
"- Their downside valuation is now 14c, which is a long way below the current shareprice of 26.5c, and this is the lowest broker valuation yet reached for IFN that I'm aware of;
- They note that IFN "carefully words" it's disclosures to make things difficult for us to understand;
- They've valued the Australian development assets at zero;
- They note that it is "a real possibility" that the 23 wind farms within the GDF won't generate the cashflow to cover the debt as it falls due;
- They say that "we're not 100% convinced that IFN will sail through the 2016 covenant and never have been";
- They conclude by saying that you could decide that this issue of the realization that the loan is not non-recourse could indicate that the investment thesis for IFN is broken and if so you should sell."
What a change of heart. Maybe a short sell opportunity to 14c!
Good work Marbles on picking up the Int Inv report.