Ann: Iberdrola Achieves Change of Control, page-9

yep - 75% and they defeat special resolution conditions... so delisting would be 100% assured at 75%...

Very much been a stampede in the last three days... would expect continuation for the next few days at least... if it stalls in the 65-70% window could be very interesting...

We know change of control was a trigger on debt covenant... so finance will be quickly paid off by Iberdola and replaced on balance sheet with a financial loan from Iberdola at current commercial rates likely with a condition for additional headroom for some rapid growth... lets be optomistic and say they will go financial close on all currently pending projects... and others will now be fast tracked to be ready in next year or so... will be back to debt heavy IFN, no dividends....