Ann: Ceasing to be a substantial holder for IFN, page-6

You may want to double check that...the ceasing to be a substantial holder notice states that AEF sold down on the 3rd of June NOT the 30th...given the timing of UAC’s off-market takeover its very likely AEF sold to UAC.

In the absence of a pre-bid agreement with UAC which likely would’ve been disclosed to the market, the shares are gone and AEF has left good $ on the table. Also, if AEF had signed a pre-bid agreement with UAC they would still have a “relevant interest” in the shares for the purposes of the Corporations Act - which would’ve been noted in this disclosure.

All of these data points suggest AEF no longer retains an interest in these shares (outside the 1% of their holding they retained). Quite a puzzling move...