So, some clown has 'identified value' in IFN at 80c and lobbed a...

So, some clown has 'identified value' in IFN at 80c and lobbed a highly conditional offer hoping The Children's Fund will dissolve into tears after years of frustration.

Give me a break!

There are half a dozen existing players in the Oz electricity market whose position would be improved by adding IFN's WF portfolio and project pipeline to their own. All have deep pockets and an appetite for risk.

There are many investors with abundant liquidity who will march to the sound of guns. The 80c offer will be over-bid in the market by 10am today - and if not, this would speak volumes about the credibility of the bid.

This activity may prompt RR & team to announce the moves they have been brewing for months and spend the $140m++ in cash sitting on the balance sheet:

* Flyers Creek WF FID
* Batteries!
* Power Purchasing Agreements
* Refinancing at lower interest rates

There are a number of second-hand WF's for sale that would bulk up IFN's kit, though they are less efficient than new and we cannot know how attractive they are to IFN.

CopperString 2 is wending its way through approvals and IFN could re-announce the Forsayth WF project.

Even if IFN is ultimately taken over, it will be for a considerably higher figure than this initial bid. Top up if underweight.

Ash