Ann: Change in substantial holding, page-2

It will indeed be interesting to read the response from Mr Greg Yanco, (ASIC), Mr Lachlan Morley, (ASX), and now Mr Dooley,

Mr Geread Dooley

Partner

MinterEllison

WE DON’T KNOW IF IT IS LEGAL BUT WE PRETEND IT IS.

Dear Mr Dooley

I write to find out if ASIC has asked you for the advice you gave JPGA Partners Pty Ltd that the transfer of the $610 million concessional loan to Genex Power Ltd can legally be transferred to JPGA Partners Pty Ltd?

Are you, as a one of the parties involved in developing the scheme for the take over Genex Power Ltd, able to answer the following question:-

“Under what legislative, regulatory or ministerial authority does NAIF intend to transfer the taxpayer funded $610 million concessional loan from Genex Power Ltd to the foreign corporation J - Power, (and associated legal entities)?”.

The heading to this letter conveys my belief that the takeover is based upon illegality. Genex, NAIF, GTLaw and MinterEllison proceeded with the takeover without first resolving the legal position and therefore have been left unable to answer the above question.

I am sure you have already read the letters I have sent to Mr Greg Yanco, the CEO of ASIC and Mr Lachlan Morley at the ASX. Nonetheless I have attached them to this email/letter.

I have cc’d this letter to Messrs Yanco and Morley.

I am also copying it to Senator Deborah O’Neill, Chair, Joint Committee on Corporations and Financial Services. I have brought Senator O’Neill’s attention to this sordid proposed transaction and asked that she speak with her colleagues, The Hon Katy Gallagher, The Hon Madeleine King and The Hon Stephen Jones.

At a ministerial level it seems Departments, NAIF and ASIC have not kept Government ministers properly informed about the situation.

It is as if those, like yourself, who were responsible for devising the takeover scheme came to the conclusion that even if, “DON’T KNOW IF IT IS LEGAL BUT WE PRETEND IT IS”, decided that we can get Government ministers to go along for the ride?

What legal advice did you receive from Mr Chris Collins, NAIF’s Chief Legal Officer, to support the legality of the proposed transfer of the $610 million NAIF loan?

I look forward to learning from you if you have provided ASIC with the legal advice you gave JPGA Partners Pty Ltd? The legal advice that presumably claimed the NAIF loan can be transferred to the foreign corporation you represent. The same legal advice which it seems you did not provide to Mr Justice Black when you sought his approval of the TRANSACTION BOOKLET?

Yours sincerely

Howard Patrick