The trading range this year is not all that surprising. capital...

The trading range this year is not all that surprising. capital constrained and punished along with all other heavily geared infra funds. Then TCW offer for epic and rumour of better offers fueled a massive rally.

They are in a better situation now but people aren't going to see a payout as was possible under the tcw offer. Through the whole process they have shaken out their retail shareholder base and are now (it appears) insto dominated. It is really scandalous how they have treated their long term holders but it is an opportunity for those of us new to the scene.

With stable cash flow for the 12c div, 1.20 seems a logical short term target. If stage 3 expansion gets funded there should be a substantial jump in the sp valuation.