Ann: Infigen Appoints New Independent Directors, page-7

WS,

perhaps to state the obvious, the real variable will be what the company does in terms of refinancing. If the company is able to achieve more flexibility, it bodes well and should allow IFN to progress a number of their projects.

As you say, things have been quiet. Still, it could go either way. In terms of the coming months, I fear the company is unable to identify a better financing option. If so, I don't think the market will take such news kindly. Despite good cash flow, debt levels may put some off.

Longer term, I haven't done the sums, but future decreases in LGC prices (note: not for many years) will impact IFN earnings (pending announcement of news regarding CET). This is offset somewhat by gradual increases in capacity. I like what the company did with their servicing and sustainment work.

Not sure that has helped.

Baron