once they get above 50%... and control of the board - Iberdola has said they intend to exert pressure to delist the company from ASX... much less scrutiny and less focus of "benefit for all shareholders" - if TCI went with their vote (from their remaining 13% shareholding you would assume maintaining board role) we would not have a choice in the matter... outvoiced.
Agree that we could have a real stalemate here if UAC hold onto their position ... will require a fair chunk of the free standing shares to get to 50%... Vinva has a 5% stake still... and the board and their relevant associated holdings + performance rights which are expected to be issued will make another few percent - but I still feel I will be surprised if either party races towards 50%... let alone gets above 50%.
UAC have gone unconditional though - so it could just try and increase its stake to get a seat on the board and work forward with IFN... whereas Iberdola is majority holder or not at all. I still prefer option number 3.
Such a great company and we have seen / discussed many of the opportunities they have available to them here on the forum... just wish they had of come to us for a CR to get balance sheet in order for growth (increase available leverage) before having approached Iberdola and appearing (in hindsight) as having a pipeline, with no scope to develop due to capital restraints. Would have participated 200%.
IFN Price at posting:
92.0¢ Sentiment: Buy Disclosure: Held
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