Summary of the Offer

The Offer Iberdrola Australia is offering to buy all Infigen Stapled Securities for A$0.92 cash per Infigen Stapled Security.

You may only accept the Offer in respect of all (and not some) of your Infigen Stapled Securities
Opening date 29 June 2020
Offer Price The Offer Price is A$0.92 cash per Infigen Stapled Security.
The Bidder Iberdrola Australia is a wholly owned Subsidiary of Iberdrola, S.A. a listed Spanish corporation (sociedad anónima) with a market capitalisation of €65.76 billion (A$107.54 billion)1 which was incorporated in the Kingdom of Spain in 1901 and is currently one of the world’s leading private electricity groups (the number one producer of wind power) in terms of market capitalisation and the number of customers it serves.

For more information about Iberdrola Australia, please refer to Section 2 in the Bidder Statement
Closing date The Offer is currently scheduled to close at 7:00 pm (Sydney time) on 21 October 2020 unless extended.
Conditions to the Offer The Offer is now unconditional.

The FIRB approval Condition was fulfilled on 7 July 2020 and the Offer was freed of the other Conditions on 30 June 2020 and 16 July 2020.
Expected date of payment to Infigen Securityholders
who accept the Offer
If you accept the Offer you will be your consideration will be despatched within 5 Business Days after the later of the date of the Offer becoming unconditional and the date of receipt of your valid acceptance.

If you accepted the Offer before it became unconditional on 16 July 2020, payment was despatched to you by 23 July 2020.  If you haven’t already accepted, your consideration will be despatched within 5 Business Days of your acceptance being received.

On 24 July 2020, Iberdrola Australia announced an increase to the Offer price from A$0.89 to A$0.92. Infigen Securityholders who validly accepted Iberdrola Australia’s Offer before the Offer Price increase and have already been paid, will also have an additional payment in respect of the Increased Offer Price despatched to them within 5 Business Days. Infigen Securityholders who accept Iberdrola Australia’s Offer following the increase to the Offer Price will have their consideration despatched within 5 Business Days after a valid acceptance is received.

Full details of when you will be paid are set out in Section 9.9 of the Bidder’s Statement, as amended by Section 5.1 of Iberdrola Australia third supplementary bidder’s statement, dated 16 July 2020.

1 Conversion based on an AUD/EUR exchange rate of 1.6353, being the last close price on Bloomberg on 19 June 2020.