Ann: Receipt of Non-Binding Indicative Proposal, page-68

I think we are getting a little ahead of ourselves. I don't think the board realistically believe that a 23 cents a share offer would pass even if they were in some way incentivised externally. They just won't have the numbers and it will attract far to much negative attention. Now if the offer was in 30's range then Management can point to external expert reports and say that's the current value of the business today fully recognised. Not valued at completion but with the risk of construction and hence they would see it more palatable to their shareholders.

If management were to make the mistake of putting it to a vote at 23 cents a share and represent that a fair price to shareholders. I can guarantee a few things will happen:
1. It won't be passed;
2. Shareholders will connect and we will begin the process of not voting in this management when elections happen again. Because the base of shareholders will be ticked off; and
3. J Power will also be ticked off massively. Remember they are contracted to to develop Kidston Hydro for a fixed price and with costs increasing the 10% ownership would provide a nice upside for them. If its taken away good luck Skip and PE firm in developing the project on time and constructed properly.

Sleep easy ALL everyone is now aware of Genex Power and suddenly there is many more Buyers then Sellers.