UAC have no use for a holding that does not deliver control....

UAC have no use for a holding that does not deliver control. Given most holders are laggards in selling into a takeover, the TCF stake is crucial.

I am bemused by the criticism the average age of IFN's WFs is eleven years. Like Limania above, I concur IFN must be a dud investment. /s

Old, relatively inefficient WFs can be given a new lease of life with a battery to turn intermittent off-peak generation into despatchable peak price providers. Bonney BESS is proof of concept. There are also geographic arbitrage benefits in operating more than one battery.

This is a very easy addition to the kit. I expect RR & team to announce the move as part of their defence.

And why not announce Flyers Creek WF FID on 30 June, now the scope of the CV-19 crisis is clear, though a cure eludes us.

UAC also makes rude noises about finance. They are right. IMHO, the debt burden is not excessive though at relatively high interest rates. IFN needs to refinance at contemporary rates to increase its borrowing capacity. There. Batteries and Flyers Creek fully funded on balance sheet.

The three bold moves would stymie this opportunistic takeover and deliver shareholder value.

Ash