Ann: Iberdrola Bidder's Statement, page-2

Ahh how the other half live...

2.3 billion in cash or deposits available...

Obviously omitted the 180day VWAP as it would have indicated a price in the high 60's which reduces the implied premium being offered.

If the get over 90% - delisted... will become a moajority holder if under 50%... what happens to IFN between 51% and 90% is left very unclear... may get delisted depending on the number of holders...

IMHO... this is a hold - will have to see what happens to SMSF platform will allow assets to be held if company becomes delisted - but at least there is a clear indication that IFN will come out of the Iberdola offer with guns blazing.

Now seems clear that IFN may have been having difficulty refinancing... otherwise why would have they approached these guys in so long ago... seems like they felt they had done all they could with their available capacity... unfair to shareholders though.