GNX (ASX) Ann: J-POWER receives FIRB approval for acquisition of Genex

Originally posted by howiepatr16: ↑

The situation has been reached where the FIRB has approved of the proposed transaction. A transaction involving the sale of one of Australia's few ASX listed renewable energy companies.

That is disturbing to many Genex Power Ltd shareholders who acquired shares in the company, motivated by Climate Change, the renewable energy future and national ownership.

What is also disturbing about the FIRB approval is that the FIRB decision has been made without it, the FIRB, knowing NAIF's position on the"secretive "SECRET" concessional loan from NAIF to Genex Power Ltd".

Since 2022, when NAIF was a party to the proposed passing of the loan to Scott Farquhar and Kim Jackson, via their Skip Capital, I have been unable to obtain any information about the terms of the loan.

At that time NAIF would say nothing about its dealings with the Solicitor-General and that remains the case nearly two years on. It is hard to understand NAIF's apparent aversion to the Solicitor-General?

My Report of Misconduct very much concerned the withholding of this information from the GNX Board, a board on which J - Powers employee, Seshimo, serves. J - Power has the information while ASIC knows shareholders do not. ASIC knows how the withholding information about the loan together with the likely financial outcomes after the commissioning of K2H was used to manipulate the Genex share price and consequently the VWAP.

NAIF's Chief Legal Officer has written saying "should any changes, waivers, or consents to NAIF’s contractual arrangements occur, Minister King’s Office (NAIF’s responsible Minister) will be updated as part of NAIF’s regular communications with the Minister's Office."

If that were true it is a mystery why Ministers King and Gallagher remain silent on this pivotal issue?

Now Genex shareholders and the market do not know what NAIF's position is with respect to the possible transfer of the $610 million loan to an overseas entity.

Given the long-standing and on-going mismanagement of a substantial public resource I have emailed NAIF, once again. asking for clarification and saying if I do not receive that sufficient clarification I will reporting misconduct to the National Anti-Corruption Commission tomorrow. A copy of the above mentioned email and one intended to ensure Mr Justice Black is informed are below.

J - Power has FIRB approval to purchase. It is time for J - Power to go back to the drawing board and come up with an offer that is not tainted by conflicts of interest and a very clear appearance of market manipulation. An offer made on the basis that the NAIF loan be repaid.

to Chris, Craig, Tracey
Dear Madam/Sirs

I have asked under what legislative, regulatory or ministerial authority NAIF seemingly intends making the $610 million secretive "SECRET" loan available to the foreign entity, J - Power.
Unless a letter giving a very clear and concise answer, one that I consider might withstand rigorous legal analysis by the Solicitor-General's Office, I will make a submission reporting corrupt conduct by NAIF to the NACC on Monday.
NAIF has had since 4 March to assess its legal position and develop its policy position on the proposed takeover of Genex by J - Power. That information should, long ago, have been conveyed to the parties legal representatives and the NSW Supreme Court for inclusion in the recently approved Transaction Booklet.
When, (the date), was this information provided to Ministers King and Gallagher?

Yours sincerely

Dear Ms Whitby

Below is a copy of an email sent yesterday to the Chief Legal Officer for NAIF, the Chair of NAIF, Tracey Hayes and NAIF's CEO, Craig Doyle.
I have little reason to believe GTLaw has fully informed Mr Justice Black on this matter of the "secretive "SECRET" concessional loan from NAIF to Genex Power Ltd". I am therefore sending a copy of my email to NAIF to GTLaw, as solicitors for Genex Power Ltd, so it is "copied on its face", (a term I confess I do not understand), and presented to Mr Justice Black in the case 2024/00188463.
I have cc'd the email to the Court; to give confidence it is dealt with appropriately.

Yours sincerely

HLP

Expand

Well NAIF ignored my email; at least it did not respond to it,.

A report of corrupt conduct by NAIF has been lodged with the NACC, reference/web form ID ; 2024617724220-2635.

I pointed out the urgency involved but the NACC may well employ tried and tested delay tactics of ASIC.

On the subject of delay I sent the email below to Minister Gallagher's office this morning, to which I have not received a reply, and the received the email below it from:- Parliamentary, Governance and Strategy Branch. Very useful, I must say.

Who knows what game(s) Minister Gallagher, King and the Attorney-General are playing but the very least NAIF should be called upon to do by the responsible ministers is call a for stay to the takeover proceeding while needed amendments are made to the TRANSACTION BOOKLET.

The TRANSACTION BOOKLET should contain a clear statement as to whether or not NAIF can legally transfer the benefits of the $610 Million concessional loan to J - Power.

Such a statement should be supported by an opinion from the Commonwealth Solicitor-General, Dr Stephen Donaghue KC.

<[email protected]>

10:14 AM (7 hours ago)

to Michael, Andrew, Patrick, Louise
Dear Patrick and Louise
I just spoke with Belinda, (10.10am), to inform her that I am sending this email to you both.
The situation with the proposed purchase of Genex Power Ltd by the J - Power and associated entities has reached a crucial point.
It was announced last Friday the Foreign Investment Review Board has approved of the proposed acquisition. Now the outstanding issue is the matter of the NAIF loan. A loan made possible by the Northern Australia Infrastructure Facility Act 2016. The Act for which your Minister and Minister King are responsible.
As best I can ascertain, (assuming J - Power achieves its stated objective of total ownership), the takeover for the company is based upon the transfer of the $610 million concessional loan from Genenex to J - Power.
Are Minister Gallagher, Minister King and the Attorney-General aware of the legislative, regulatory or ministerial authority by which this transfer of the NAIF loan will be made to the foreign entity; (Electric Power DevelopmentCo,. Ltd?
NAIF's Chief Legal Officer has made the following claim:- "any changes, waivers, or consents to NAIF’s contractual arrangements occur, Minister King’s Office (NAIF’s responsible Minister) will be updated as part of NAIF’s regular communications with the Minister's Office." The possibility of changes, waivers or consent became evident with the announcement of a takeover offer on 4 March. Despite this, Minister Gallagher and King have, as far as I am aware, remained silent on an important matter concerning significant public funds.
I have, on a number of occasions. sort clarification of this from NAIF via its Chief Legal Officer, Mr Chris Collins, but the above quotation is the best I can get.
Two days ago I emailed Mr Collins and NAIF's Chair and CEO to again seek clarification.
In that email I advised that I intend to make a report to the National Anti-Corruption Commission about NAIF administration of the Genex Power Ltd loan; (which goes back to 2022).
A copy of the email is attached; along with a copy of an email to Genex Powers Ltd's legal representative and the NSW Supreme Court. (You can read them on the HotCopper website).
What is the position of Ministers Gallagher and King.
As you ought to understand there is some urgency re the promised response from Minister Gallagher.

Dear Mr HLP

Correspondence to the Minister for Finance

Thank you for your email of 31 May 2024 to Senator the Hon Katy Gallagher, Minister for Finance, Minister for Women and Minister for the Public Service concerning ASIC and Public Integrity.

As the issues raised in your correspondence fall within the responsibilities of the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, your correspondence has been referred to the Australian Securities and Investments Commission for consideration.

Yours sincerely

Parliamentary, Governance and Strategy Branch
Department of Finance
One Canberra Avenue, Forrest, ACT, 2600

(20min delay)
Last 27.0¢		Change 0.000(0.00%)		Mkt cap ! $373.9M

Open	High	Low	Value	Volume
27.0¢	27.3¢	27.0¢	$263.9K	977.7K

No.	Vol.	Price($)
16	9673627	0.270
24	11549328	0.265
3	9600	0.260
2	41970	0.255
1	10000	0.250

Price($)	Vol.	No.
0.275	4769239	35
0.280	2181148	15
0.285	3170	2
0.290	102719	5
0.295	124962	2

Well NAIF ignored my email; at least it did not respond to it,.A...

<[email protected]>

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Well NAIF ignored my email; at least it did not respond to it,.A...

<[email protected]>

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