Cup half full, page-30

IFN had a very strong run from mid-Jan to June to get to a level that roughly equates to the value of its operating portfolio less its current debt. We are now in a holding period where, in the absence of any news, there is profit taking by some on one side with others quietly accumulating as weak holding latecomers (i.e. the momentum buyers) to IFN sell out due to lack of momentum.

I believe that the news that will move this stock (in no particular order):

- A transaction for one or more of its development portfolio assets;
- A sale of existing assets (unlikely);
- A refinancing to come out of cash flow lock-up and start to have greater flexibility.

It is only a matter of time before we see balance sheet / transactional activity and the stock starts to re-rate to its next level. For the moment though I would suggest that holders sit tight as I don't expect that the forthcoming profit announcement (in the absence of any other news) will move the stock other than nudging it back to the higher end of its current $1.00 to $1.20 range.

I have been in this stock for a few years and whilst it wallowed for most of that time in the $0.20 area, I never lost faith in its eventual re-rating. It was doing all the right things in restructuring its balance sheet whilst continuing to service and repay debt under its cash flow lock-up & in the face of very low renewable prices - that gave me confidence in the capacity of the assets. We have now seen stage one of the re-rating as the value of the existing portfolio of assets was re-assessed by the market. Stage two is coming and if you are patient, there is a lot more left in this share price as they extract further latent value.

I would be surprised if it went below $1.00 in a sustained manner - I suspect anything lower than $1.00 will be fleeting dips and will attract strong buying.

DYOR and good luck to all.