The letter to the Chair of the FIRB:-Mr Bruce...

The letter to the Chair of the FIRB:-

Mr Bruce Miller

Chair

FIRB

Last Friday Genex Power Ltd said the following in an ASX Announcement:-

"Genex Power Limited (ASX: GNX) (Genex) refers to the proposed acquisition by JPGA Partners Pty Ltd (ACN 643 855 618) (J-POWER Nominee), a wholly-owned subsidiary of Electric Power Development Co., Ltd. (J-POWER), of all of the Genex Shares that J-POWER does not (directly or indirectly) own by way of the Scheme or the simultaneous Takeover Offer (together, the Transaction).

J-POWER has advised Genex that the Foreign Investment Review Board (FIRB) has provided written notice under the Foreign Acquisitions and Takeovers Act 1975 (Cth) to J-POWER and J-POWER Nominee advising that the Commonwealth has no objections to the Transaction."

The Commonwealth has no objections to the transaction but I ask you the following:

ONE; did J - Power, in its submission to the FIRB, reveal that the transaction, as proposed, involves the transfer of a $610 million concessional loan by the Northern Australia Infrastructure Facility, (NAIF) to Genex Power Ltd to JPGA Partners Pty Ltd (ACN 643 855 618).

TWO; did J - Power provide the FIRB with a written confirmation that NAIF had agreed to the transfer of the Commonwealth funds to the overseas corporation, JPGA Partners Pty Ltd (ACN 643 855 618), with all due legislative, regulatory and/or ministerial authority.

Yesterday I wrote to ASIC, NAIF and the legal representative for J - Power, MinterEllison, and asked them if, what is currently proposed, complies with legislative, regulatory and/or ministerial authorities.

JPGA Partners Pty Ltd (ACN 643 855 618) can still by virtue of the approval given to it by the FIRB.

The outstanding issue is whether or not JPGA Partners Pty Ltd (ACN 643 855 618) should re-finance the taxpayer funded, $610 million, concessional loan from NAIF.

To assist you in responding to this letter I attach a file containing the letter I sent yesterday.

I will, separately, forward an email I received from Mr David Webster, First Assistant Secretary, Commercial Investments Division, Department of Finance. It contains a letter from Mr Webster, in PDF format, and my response to him; among other matters.

Yours sincerely

Howard Patrick


I am waiting to hear from Mr David Webster.

I will post eventually post my email correspondence with him.

As yet no acknowledgement from any of the SIX WISE MEN - I wonder why?