Just do some reading on hotcopper and you will discover that Jackson/Farquhar were seeking to personally benefit from a taxpayer funded concessional loan of up to $610 million from NAIF.
That was contrary to the enabling NAIF Act. The two responsible ministers were asked to get an interpretation of the Act and a legal opinion from the Commonwealth Solicitor-General. They did not do that but the writing was on the wall.
The geological/engineering issues arose at a convenient time and unethical privatisation takeover, supported by the Genex board and a particular director, was pulled.
The ASX was fully informed about the situation but allowed Genex to not properly and fully inform shareholders.
it was noteworthy that it was pulled between Xmas and New Year, for minimal adverse press. The AFR, which put spin out about the takeover, back in August, failed to reveal the real reason the takeover was pulled. AFR journalists knew what actually went on behind the scenes.
Noteably NAIF remained silent.
The Genex board needs to out looking for Australian Super funds, like Hesta, to put funds into the proposed solar expansion, the wind project and the energy storage opportunities.
As pointed out, Jackson/Farqhar have 19.99% of the company as a result of the Stonepeak proposal for their illegal/unethical takeover bid. Let us see how committed they are to the renewable energy future?
GNX Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
