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27.5¢ genex power limited

Ann: J-POWER receives FIRB approval for acquisition of Genex, page-24

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howiepatr16

548 Posts.

210

20/06/24

12:03

Post #: 74406610
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Originally posted by howiepatr16: ↑

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?

Expand

Mr Webster. nor anybody in his "TEAM" dealing with this sensitive matter have responded to my emails. However with the help of a young IT savvy friend I found a way around the problem.

The willfully evasive letter is shown below.

Ministers Gallagher and King must surely be aware of what is going; or at least NAIF's Mr Chris Collins's version of what is going on.

How should one describe NAIF's reluctance to obtain opinions from Solicitor-General, Dr Stephen Donaghue KC, on this matter and the matter involving Skip Capital?

Australian Government
Department of Finance

Reference:MC24-002005

Mr Howard Patrick
CASEY ACT 2913
Dear Mr Patrick
Thank you for your correspondence of 20 May 2024 to the Department of Finance concerning a concessional loan provided to Genex Power Ltd by the Northern Australia Infrastructure Facility (NAIF). The Minister has asked me to respond on her behalf.
The NAIF was established under the Northern Australia Infrastructure Facility Act 2016 (NAIF Act) to provide financial assistance to the States and Territories and to other entities for the development of economic infrastructure in northern Australia. The NAIF is overseen by a commercially focused, independent board, which is responsible for making investment decisions, consistent with the Northern Australia Infrastructure Facility Investment Mandate 2023.
Matters relating to investment decisions made by the independent NAIF Board and the ongoing administration of financial assistance provided by the NAIF, are matters for the NAIF. I understand that NAIF's Chief Legal Officer, Mr Chris Collins has written to you advising you that the NAIF has mechanisms in place within the loan to appropriately deal with changes in control, should they occur. Should you have further questions relating to NAIF's investments the NAIF is best placed to address them.

Thank you for taking the time to write and your ongoing interest in the acitivites of the NAIF.
Yours sincerely

David Webster
First Assistant Secretary
Commercial Investments Division

GNX Price at posting: 27.3¢ Sentiment: Hold Disclosure: Held
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