Ann: Variation of Takeover Bid, page-7

its in their respective bidders statements...

UAC was a friday night raid before their bid... aimed for 17%... ended up coming up with just under 13% from memory.

Iberdolas holding of 20% is a conditional sale from our largest shareholder (TCI)

When you think of the legals they must be incurring... makes you think that (for a company of this size) each offer increase should be in multiples of $0.05 or so per share... otherwise you are just slowly bleeding your war chest with the compliance documentation. Get the superior / compelling bid in once you know you have a genuine two horse (at least) race.

Perhaps that is the current reason for Iberdolas small increase - want to see if UAC is actually genuine contender - if we get an offer from UAC which is superior in value, we will be off... and I would be expecting to the $1.20 - $1.50 range quite a few of us see as a reasonable T/O price.

Still begs to ask the question of TCI... they are willing to sell a 2/3 of their holding to Iberdola as part of their original bidder document... if UAC come back with superior price - at what stage will TCI be happy to exit their whole holding and sell into a deal???? They have a board member in IFN already - they know how the company is operating almost as well as IFN themselves.

Initial offers were opportunistic based on VWAPs highly impacted by CIV-19...we are now receiving bids at prices higher than our recent highs pre CIV-19... time for this to get real.