Ann: Iberdrola Bidder's Statment Received, page-2

SP has been cooling as speccies see that third player or counter bid not appearing...

I still stand by the fact they presented plenty of VWAP's... excluding 180 & 270 days... which would have shown this price as being a palty premium ~10-15%... not the 30%+ they are touting... SMA average before CIV-19 hit was in the 70's... as we had been trading high 60's-70's from August 2019.. even with our exposure to NEM and variable contract supply - so much to like about IFN.

IMHO Criminal to let go of.

Shame on the board and directors... this is not the best realisation of value for shareholders - the only way this could be in our best interests would be if management knows of PPA's which are expiring (or being cancelled) and unlikely to be renewed (increasing exposure to weaker spot price in near term)... but even that would be a blip LT

I would be more than happy for IFN to offer a CR to existing shareholders and allow Iberdola an institutional placement for IFN to recapitalise and finance the FCWF off balance sheet tomorrow... let them get their exposure... let us keep a holding in our company... and move forward together...