ASIC and NAIF - the "SECRET" $610 MILLION CONCESSIONAL LOAN?, page-2

The “SECRET” secret NAIF $610million concessional loan to Genex Power Ltd has remained a secret to Genex shareholders.

Despite the “SECRET” loan remaining secret, Genex board members, (Kidston, Craven and Seshimo), Goldman Sachs and J - Power have put in place the Transaction Implementation Deed, (TID).

The TID has come about notwithstanding crucial information about the like financial outcomes for the company, after the commissioning of K2H, has been strategically withheld from Shareholders.

Because of the holding back of financial information, a crucial component of which is the details of the “SECRET” NAIF loan, I lodged my Report of Misconduct.

In the email below you will read that NAIF has stated it “will assist ASIC with its inquiries as required”.

If indeed ASIC carries out inquiries the most crucial information it must obtain is the terms of the “SECRET” NAIF loan.

J - Power, through its employees and Genex Director, Mr Seshimo, has that information.

Goldman Sachs has that information; the same Goldman Sachs who seemingly deemed the fair and reasonable value of Genex shares had only increased by 2.5 cents since the Skip Capital “bid” in July 2022?

The J - Power takeover is opportunistic and based upon the failure of the Genex Board, (including Mr Seshimo), to abide by ASX continuous disclosure requirements.

It is one thing to provide detailed engineering achievements, as was done on 12 December 2023, but it is another altogether to withhold information about the likely financial outcomes of the commissioning of K2K.

https://app.sharelinktechnologies.com/announcement/asx/7459d4779ae6b479594904dfb37f314d

It is disturbing, (especially in the light of NAIF’s utterly incompetent handling of the Kidston and Skip Capital “bid” to have Genex Power Ltd taken over by two individuals, Scott Farquhar and Kim Jackson), to read that NAIF has not put in place its legal and policy position in the event of the possible request to transfer of the $610 million “SECRET” NAIF concessional loan to a foreign entity?

It must be of concern to ministers responsible for the Northern Australia Infrastructure Facility Act 2016and the Public Governance, Performance and Accountability Act 2013 that the circumstances described exist?

The failures to disclose crucial information to shareholders and the conflicts of interest between Kidston, Craven, Seshimo, J - Power and Goldman Sachs warrants detailed assessment by ASIC and,I argue, the involvement of the Takeovers Panel.

Chris Collins	Wed, May 22, 10:10 AM (3 days ago)
to Peter, Allan, Louise, Henry, Clinton, Chris, me, [email protected]

Dear Mr HLP,

Thank you for your email below and your earlier emails of 10 May and 14 May 2024. Apologies for the delay in my response.

NAIF acknowledges your Report of Misconduct and will assist ASIC with its inquiries as required.

As previously advised, NAIF will assess any formal final, and binding proposal recommended by the Genex Board and approved by Genex shareholders in accordance with NAIF’s Board, policy and governance arrangements. This will include obtaining external assurance that any proposed changes, waivers, or consents to NAIF’s contractual arrangements necessary to ensure the successful completion and operation of the Kidston Pumped Storage Hydro Project remain compliant with the NAIF Act and Investment Mandate and realise the public benefits forecast for this project. We are unable to advise at this stage if this will result in a change of borrower, the prepayment of NAIF’s loan, or some other change to contractual arrangements between the parties.

NAIF takes regulatory compliance seriously and adheres to all of its legal obligations, whether under the PGPA Act, the NAIF Act and Investment Mandate or any other legislative or regulatory authority.

Kind regards,

Chris

Chris Collins
Chief Legal Officer

Northern Australia Infrastructure Facility (NAIF)
Level 19, 12 Creek Street, Brisbane, QLD, 4000

M+61 459 809 991

E[email protected]

Wwww.naif.gov.au