The “QUIZ” for the following persons predictably did not draw a response:-
Mr Greg Yanco
ASIC
Mr John Williamson-Noble
Gilbert+Tobin
Mr Gereard Dooley
MinterEllison
Mr Chris Collins
NAIF
Mr Peter Witham
ASIC
Mr Lachlan Morley
ASX
Mr Simon Kidston
Genex Power Ltd
Dr Ralph Craven
Genex Power Ltd
My purpose for the “QUIZ” was to draw attention to the fact that Genex Power Ltd shareholders have been denied knowledge of the terms and conditions of the $610 million NAIF loan concessional loan from NAIF.
On page 253 of the Transaction Booklet, (page fifty 50 of the 102 page Grant Thornton cut and paste job), Genex shareholders are told:-
“K2H senior debt is a NAIF facility granted by the State of Queensland. The facility amount is A$610 million, of which A$516 million is the total outstanding balance of the combined facility as 31 March 2024. The repayments commencing from 15 June 2025 and the facility is set to mature on 19 May 2036.”
Before Grant Thornton were doing their well remunerated Independent Experts Report, JPGA Power Pty Ltd were doing their own evaluation of the value of Genex Power Ltd with the benefit of the details of the terms and conditions of the $610 million NAIF loan. The loan which I contend they are illegally seeking to have transferred from Genex Power Ltd to it.
Long before the NBIO by JPGA Pty Ltd was made Genex Power Ltd shareholders should have been provided with information about the likely value of K2H following its commissioning; (then predicted to be before the end of 2024). The Genex Board did and still would argue that they could not do that because to do so would require whoever was engaged to do such work revealing the terms and conditions of the $610 million NAIF loan.
Both NAIF and Genex have said, going back to 2022 when the Skip Capital scheme was in play, the terms and conditions of the $610 million NAIF loan could not be revealed because they are CONFIDENTIAL.
CONFIDENTIAL from Genex Power Ltd shareholders but not from Mr Kenechi Seshimo, Genex director and employee of J - Power, a company associated with JPGA Power Pty Ltd.
The above just serves to reinforce arguments in my 17 April 2024 Report of Misconduct to ASIC that the share price of Genex Power Ltd was manipulated by the withholding of important information, particularly information sensitive to the terms and conditions of the $610 million NAIF loan.
While the above is all well and good the issue now is the question of the legality of the transaction set out in the TRANSACTION BOOKLET. The entire transaction is premised on what I believe is the illegal transfer of the $610 million NAIF concessional loan.
I raised the question of the legality of the transfer of the NAIF loan when it was proposed in the Skip Capital proposition. I called upon the CEO of NAIF, Mr Craig Doyle, to obtain an opinion on that from the Solicitor-General. As best I can ascertain that was not done by NAIF’s Chief Legal Officer, Mr Chris Collins.
Now we again face the issue of the transfer of the NAIF loan. This time to a foreign corporation, JPGA Power Pty Ltd and yet again NAIF has apparently refused to obtain an opinion from the Solicitor-General. From what we know, ASIC has declined to request NAIF to take this action? ASIC and NAIF are both clients of the Office of the Australian Government Solicitor.
Yes it very much seems that the legal advisors to Genex Power Ltd and JPGA Power Pty Ltd and NAIF have, jointly, decided that WE DO NOT KNOW IF WHAT IS PROPOSED IS LEGAL BUT WE WILL JUST PRETEND IT IS.
If you can get away with such skulduggery; all well and good. Bonuses of one sought or another might well be deserved
The obvious question to be asked is this:-
What advice has ASIC provided to the ministers responsible for the Northern Australia Infrastructure Facility Act 2016, the Hon Madeleine King, Minister for Resources and Minister for Northern Australia and the Hon Katy Gallagher, Minister for Finance on the proposed transfer of the $610 million NAIF concessional loan AND does that advice contain within it the opinion of Solicitor-General Dr Stephen Donaghue KC?
11:10 AM (19 minutes ago)
