Below is further correspondence with Mr John Williamson-Noble of Gilbert+Tobin, the legal representatives of Genex Power Ltd.
It is all well and good, indeed expected that Mr Williamson-Noble to say he does not believe that the implementation of the Transaction will result in a breach of the NAIF Act or is otherwise illegal.
The issue is; why does Gilbert+Tobin believe what it believes?
Mr Williamson-Noble's letter does not address the crucial and central issue - WHY IS THE PROPOSED TRANSACTION LEGAL- when no proper legal authority for the transfer of the $610 million taxpayer funded concessional loan been produced.
Perhaps Mr Chris Collins's "mechanism" will reveal all?
For those who who have been following this saga go to ABC Iview and listen to Adele Ferguson's take on ASIC. I am sure Mr Greg Yanco wil have viewed it by now.ohn Williamson-Noble
Thu, Jul 4, 4:19 PM (16 hours ago)
to Greg, Chris, [email protected], Lachlan, David, Senator, Mark, me
Dear Mr Patrick,
I refer to your email below.
Gilbert + Tobin has considered the terms of the Northern Australia Infrastructure Facility Act 2016 (Cth) and does not consider that the implementation of the Transaction (as defined in the Transaction Booklet dated 6 June 2024) will result in a breach of that act or is otherwise illegal.
Yours sincerely,
John Williamson-Noble
Dear Mr Williamson-Noble
I note the content of your email and your firm's belief that the proposed transaction will not give rise to a breach of the Northern Australia Infrastructure Facility Act 2016.
You and your firm might believe the transaction won’t breach the Act but what I asked you is WHY the transaction is not illegal? Perhaps you could turn to MinterEllison and ask Mr Dooley what he said to JPGA Power Pty Ltd to explain why the Kidston/Seshimo proposal was legal?
I point out that in 2022 Gilbert+Tobin, NAIF and Messrs Ashton and Story of Allens similarly determined that the Skip Capital scheme to take over Genex Power Ltd would not breach the said Act.
Indeed the three aforementioned parties proceeded as if what was proposed was legal.
It was not legal and Skip Capital withdrew its 25 cent bid to be left with 19.99% of Genex shares. Not the 100% envisaged by those who devised the scheme.
Can you direct me to anywhere in the Act where it states that NAIF's funds are available to foreign entities?
Can you explain to me and other recipients of this email why your client did not request NAIF, (Mr Chris Collins), to seek a legal opinion from the Commonwealth Solicitor-General on this crucial issue? NAIF is a client of the Office of the Australian Government Solicitor.
Was it a case of your client, NAIF, J - Power, MinterEllison and Gilbert+Tobin not wanting to know if the scheme devised by the aforementioned was NOT legal?
Could you also inform the other recipients of this email if NAIF obtained an opinion from the Solicitor-General in the Skip Capital matter. If not, why not?
At the very least ASIC needs to become a party to Case 2024/00188463. A case being heard by Mr Justice Black, in the NSW Supreme Court, and augue that the transaction be held in abeyance pending resolution of the very serious legal matters. Matters which could have been addressed many weeks ago.
Can and will you explain why your client, Genex Power Ltd, has not informed its shareholders and the market of these challenging circumstances?
Will you give an undertaking that Gilbert+Tobin will inform Mr Justice Black of the lack of legal clarity which in all probability impacts upon the legality of the proposed transaction and the veracity of the TRANSACTION BOOKLET?
Yours sincerely
Howard Patrick
5 July 2024
