Ann: IFN Targets Statement in response to the Iberdrola Offer, page-5

I gave Peter Campbell at IFN Investor Relations a call to query how / why the board had accepted Ibderdola bid so easily with little evident consideration of price (and tragectory) between Jul-19 to when CIV-19 hit - overall his message was very aligned with the information within the bidders documents but he did also mention that the energy market has changed dramatically over the last 12 months (and shorter period even) - discussion on spot pricing was countered slightly by recent increase coming into curve.. (post convo thought - Granted that AEMO is also making intermittent generators provide more certainty / commitment on their supply into market - which may also impact the trend of spot prices LT)

Also discussed why we as shareholders have not seen any supporting information from board as to how they deemed the current bids to be worthy of accepting... apparently third party valuations are not done for this form of market offer (only on scheme of arrangements)... he did mention that board has had advice from PwC and others (to which Peter had sat in on meetings) to support their position.

Still feels like we are being sold short / wool pulled over eyes of future opportunities here.