On 23 September the "Consortium" had a non-binding offer of 25...

On 23 September the "Consortium" had a non-binding offer of 25 cents on the table. Seems the Consortium were confident it had the Genex management on side and NAIF a willing party for two individuals, Jackson and Farquhar, to become the beneficiaries of the taxpayer funded concessional loan, of up to $610 million. As late as last month Simon Kidston was expressing the view, to the AFR, the light was green for the "Consortium".

Apparently the "Consortium's" privatisation takeover scheme, devised by the former Macquarie Bank bankers behind Stonepeak Partners LLC and Farquhar and Jackson, had every reason to believe Genex management would, for the reasons you mention, facilitate their scheme. Genex management did not mention any possible conflicts of interests, including the liquidation of holdings. I raised possible conflicts of interest with the board and management but was repeatedly ignored.

Back in August I raised possible legal issues over the scheme's proposed use of public funds. Eventually these issues were raised with the two minister responsible for NAIF. A point was reached where they, the ministers, were asked why a legal interpretation and opinion about the scheme had not been obtained from the Commonwealth Solicitor-General. I have no idea if the Solicitor-General was ever contacted but I do know Attorney-General Dreyfus was also aware of the situation.

Mere retail investors like us will not get factual answers from those involved, (including ASIC and the ASX), but the scheme came to an end with the "spin" being put out that returns/risk etc were the reasons for withdrawal of the 25 cents offer. No one mentioned the possibility of the scheme being referred, (for investigation), to the National Anti-Corruption Commission, (NACC). A case of don't believe what you read.

As a long-term investor, (for a grandchild), I am mindful of the need of finance to try, (as best one can), to co-ordinate the completion of the pumped hydro project with the production, use and transmission of power from the expanded solar and wind turbine projects.

I am confident there are ways and means to do this without going to the market. I have even contacted my large-scale superannuation provider to suggest an investment of up to 19.99% in Genex Power Ltd could well be worth investigating as an addition to the funds renewable energy portfolio. Going on the "Consortiums" 23 September offer of 25 cents that could be a $70 million cash injection into perhaps the only ASX listed renewable energy company. That sort of finance might get GNX over a hump - or two?

Let us all hope that the de-risking milestones Gus listed are met and the Morgan's financial projection are at least indicative of where GNX is heading.