Ann: Genex receives NBIO from J-POWER, page-67

However, what you didn't say is the Skip Capital pulled out in the end. So they clearly thought it wasn't worth even 25 cents once they finalised the due diligence. This could be because of the water issue (leakes in the tunnel which is now fixed apparently) or due to commercial terms GNX entered into regarding the resale of the energy to Energy Australia for 20 years.

Don't get me wrong GNX is a great company to own with the right capital structure. If you have cash reserves in place or big cashflow from other sources you can really build on the assets and the projects in the pipeline. Unfortunately GNX doesn't have the capital structure nor sufficient cashflows to undertake the projects and is not experienced in building large capital assets with a track record of 20 plus years. It has built two solar farms, outsourced the build of Hydro and bought a battery from Tesla. Which means every time it enters a large capital asset build it will be severely discount the share price because of the risk. It's no Mirvac in building towers nor a J-Power building energy assets. So yes to J-Power GNX is valuable but GNX on its own not so much in my opinion. There is too many headwinds for a entity that needs borrowing and capital raisings to fund projects and insufficient cashflows in the near term. I say just hope J-Power decides to buy this otherwise you will be looking under 18 cents if it falls through again.

Someone also made a good point that J-Power can borrow at 1% from Japan which makes it easier to service large debt levels. That's not the case in Australia.