I first invested (opportunistically) in IFN a few months ago at...

I first invested (opportunistically) in IFN a few months ago at $0.40 post the COVID-19 crash after tracking the company for some time, but I’ve been buying on the way up since then and bought a bunch more at $0.80 today. I do not want to sell - this was/is not a short term trade. IFN is the largest position in my portfolio and I expected it to be a cornerstone for years to come.

Make no mistake this is a low ball opportunistic bid and I do not expect believe the Board will recommend the offer in its current form.

The Children’s Fund who holds ~ 33% is the kingmaker here. To a large extent we are in their hands. Everyone has a price and they will have theirs. If a bidder (UAC or a newcomer) meet their asking price or give them an ability to roll their shareholding into a private vehicle ala ZEN Energy then there isn’t much we retail shareholders can do. But at this stage we are dealing with a hostile unsolicited bid that is well under fair value. We have a strong board and management in place, with good advisors (Goldman Sachs and Gilbert & Tobin) so I am hopeful we will obtain fair value, if IFN is ultimately privatised.

We have a few interesting weeks ahead.