Ann: Genex Completes Construction of Bouldercombe Battery Project, page-11

Given the recent gains from the stock market of over 5-10% thee fact we were at 17 cents and if you add 1.5 cents we would probably be at 18.5 cents just by market forces. Add to that Hydro is substantially de-risked in 3 months or so I reckon the offer is too low for shareholder. Put it this way shareholders the earliest your getting your money is probably in 2 months if everything happens imminently which pretty much makes Hydro de-risked. I think shareholders are getting short changed. I think if this was a quick offer with cash paid say by mid April and if the market had not done much in the meantime I would think the offer was not great but feasible. The zero communication and the drawn out process this is taking together with the markets general sentiment has caused me to change my mind. The offer should in my opinion not be excepted and BoD really need to explain given Hydro is finishing soon why this is a good offer for shareholders.