Ann: Iberdrola - Change in substantial holding, page-9

after market auction... for the 92.5 sale... has been some very interesting stuff in pre open and post close auctions as mentioned by Ash recently.

12 million on market purchases in 3 days... not to be sneezed at... the closer this gets to 50%... the less chance of an increase in offer price IMO... while their ideal target was TO... over 50% = control...

It largely results in the same thing for Iberdola - but with transactions between IFN and Iberdola needing to be more at arms length (commercial terms)... very likely to see existing debt paid off and moved into a Iberdola treasury based deal which will remove any convenants.

As long as listing remains - I will be happy to remain as a shareholder... but it is a shame to see people selling.