I think it the lack of apparent progress on refinancing. Back in...

I think it the lack of apparent progress on refinancing. Back in June? IFN announced refi this half, a luxuriant timeframe. This obviously complicated by the desire for super-cheap money from the CEFC for new projects, which also could be delaying project FID.

Refinancing changes everything.

Meanwhile, current very strong cashflows go to debt reduction, which will free IFN of the restrictive covenants the hard way.

Ash