Welcome to the real world Fitnfam. Nothing in what you just...

Welcome to the real world Fitnfam. Nothing in what you just wrote is particularly unusual. Take a look at what is going on at VPG at the moment in the property trust sector, as just one example of rampant conflicts.

I do agree however that IMPs medium-term "Corporate structure" strategy remains remarkeably unclear despite many attempts to explain it. The mysterious 8% stake in empire Energy means IMP is not a serious takeover target, and this should be a priority to sort out!!!!, if value is to be unlocked for shareholders..!!!

Yep, It does seem that they are following the old macquarie model of growing assets under management and paying themselves accordingly (while SP goes nowhere). However at current shareprice there is no way they will do a capital raising when debt is so cheap and they have assets they can sell.

However as far as I can tell it is at least 100% undervalued, when you look at the prices acheived on assets, and the synergies achieved by the aggregation process.

Flow-wise we know macqaurie retail bought around net 2 million shares in IMP at 11 cents over the last few weeks *(buying 3 million, selling 1 million).

Gas price moving up solidly at the moment ( as are US peers), so we may yet get that pop up towards 15 cents without any new news.

goodluck.