@anticyclical, you could be right. But @hfrench's points about...

@anticyclical, 

you could be right. But @hfrench's points about debt and risk are very relevant. It's clear that IFN have largely missed the renewables development surge. By this, I mean the company was ahead of the renewables game but they were hampered by various financial constraints and high debt levels... this inhibited their ability to further develop projects in their pipeline.

Another issue is the uncertainty about renewables and broader energy policy. It is an absolute disgrace that Australia can't get its act together is this most important policy area. This clearly has compounded the two issues above and shifted invested, somewhat amusingly, to individuals, families and businesses keen to lower their energy bills. 

I remain on the fence about IFN. I like their assets; I don't like the uncertain about policy and their debt levels. I haven't put a figure on a potential T/O offer but it certainly won't be a high bid. 

Baron