Ann: IFN Targets Statement in response to the Iberdrola Offer, page-12

Unfortunately what we are seeing playing out is a classic case of misalignment of management interests vs shareholder interests. im sure Peter is a nice guy but somone should remind him PWC have no idea on this matter - the mgmt of the company are paid to be the specialist.

The lack of management shareholding (upon reflection now related to a pending bid) explains their position, there is no independent viewpoint, there is minimal interest in achieving the right outcome for shareholders.

looking back at the refinancing and the fees plus the termination costs paid >$100m in order for shareholders to receive literally 2cents worth dividends and for them to buid a strategy to buy a gas fired power stations is an interesting trade off.

They were selling mechant Electricity and LGCs already and the curves (black and green) were in backwardation for a longtime so now saying the market has changed is a little cute. If anything with a number of Aust corporates joining RE100 the opportunity now is immense with back end LGC pricing increasing....

I sold out on the second bid, but i cant help but feel we have been sold short here.