agree that if TO does not reach 50%... new management are in order - even if SP had been approaching internal value estimates (as hinted by a recent Roger Montgomery report), management and board have clearly signaled that they have done as much as they want to.
I am actually hopeful that Iberdola remove the 50% condition and take a substantial stakeholder position - then we proceed as shareholders with a CR to deleverage balance sheet and develop pipeline - even give Iberdola an institutional placement and shareholders a CR at proportionate ratios... a lot could be done with up to 400 million cash. (300 million institutional placement and 100 million CR) - my suggestion is dilutive to our holdings yes, but we maintain an ownership interest. LT I see that working forward it would be more beneficial for them to have an interest in us rather than fail in the takeover and then we get faced with another competitor... with a massive warchest, global influence & experience.
Plenty of Covid-19 raising going on right now which is leading to CR burnout among investors - as there is only so much spare gunpowder hanging around in the retail space... but I would be willing to participate in a CR at a ratio from 3:1 even up to 5:1 (Iberdola/shareholders) to get IFN the cash and Iberdola in with a decent stake.
I also note that the break fee conditions of the current offers indicate that Iberdola are playing this game with a 6 month time frame for result and break fees apply for up to 12 months... so they are indicating that this may drag out for quite a while yet
IFN Price at posting:
92.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)