Ann: Becoming a substantial holder from MUFG, page-7

My first thoughts are likely incorrect.

Mitsubishi Financial is a Japanese company, these guys are likely acquiring in cahoots with JPower.

Jpowers 7-8% + whatever these guys can get hold of (atm 5%) means total garunteed yes votes is currently ar 12-13% + whatever large holders on the gnx board are set on voting yes.

No movement from SKIP as yet so seems unlikely they will be trying to block themselves.

However, only takes 25% of retail holders to block both deals and prevent firstly the scheme of arrangement and secondly the 90% threshold for the compulsory off market takeover offer (phase 2).

Still very likely JPower will end up with a large proportion of GNX but not the lot.

I'll be voting no and it's likely myself, other holders (and possibly SKIP) will end up owning 35-55% of the company and JPower 45-65%.

If this is the case, JPower will have to come back to the table with a larger offer down the track to obtain 100%.

Those holders who hold will get to realise significant revenue and profit increase when KPH comes online and with JPower at the helm financing projects/batteries/wind and bringing them online quickly due to their pools of equity.