My impression of what the main issues have been: 1. IRR's factor...

My impression of what the main issues have been:
1. IRR's factor in development profits which have been slower to realise than planned. This has reduced the earnings growth rate that people have assumed.
2. growth plans have to date remained ambitious leading to cap raises that further delay the realisation of development profits (on a per share basis)
3. some brokers reportedly have hardened their view on INA and want to see progress on development profits realised before factoring them into their valuations
4. continued capital raises have tarnished the short term share price outlook

All these factors will potentially reverse however once development profits can be demonstrated to start flowing through which is supposed to start happening this half year.