GNX 0.00% 26.5¢ genex power limited

GNX Trading Halt. My Positive Take

  1. 636 Posts.
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    I'm a new poster here and a relatively new share investor. I was initially dismayed by the trading holt. I came onto HotCopper to get the latest info
    and a number of posts were quite negative and that made me feel worse. As they say DYOR so I did and here are the facts AFAIK:
    1) Trading halt announced 1-11-19
    2) Energy Australia, as per ASX announcement, cannot commit to a long term energy agreement and equity investment in K-2 Hydro
    3) Mitsubishi UFJ become a Substantial Holder on 29-10-19 with 5.21%
    4) First Sentier Investors ditto
    5) Commonwealth Bank ditto with 5.17%
    6) NAIF concessional loan offer ($610m) and the J-POWER share subscription agreement will both lapse at or prior to 31 December 2019 (unless extended). So both are still in play.
    7) Queensland Government regard the project as critical infrastructure and has approved $132m funding package for new transmission line for the
    project.
    8) The quarterly update Q1 FY 2020 is very positive

    I cannot believe that Mitsubishi, First Sentier and the CBA would not have done their due diligence on GNX and the GNX projects. Nor would GNX
    have failed to disclose all relevant information on K-2 Hydro to them. The NAIF $610m loan J-Power subscription agreement are still in play to end of 2019. Qld Govt funding still approved. With the arrival of 3 substantial holders on the scene and the funding still in play, I reckon the trading halt is to allow some very favourable announcement to be made early next week. I think that all those who managed to buy or top up their holding prior to the halt will be smiling next week. Good luck to them! If the sp is slow to recover I'll definitely be topping up!
 
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Last
26.5¢
Change
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Mkt cap ! $367.0M
Open High Low Value Volume
27.0¢ 27.0¢ 26.5¢ $266.7K 998.0K

Buyers (Bids)

No. Vol. Price($)
30 48563262 26.5¢
 

Sellers (Offers)

Price($) Vol. No.
27.0¢ 19072685 152
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Last trade - 16.10pm 02/05/2024 (20 minute delay) ?
Last
27.0¢
  Change
0.000 ( 0.00 %)
Open High Low Volume
27.0¢ 27.0¢ 26.8¢ 1290161
Last updated 15.31pm 02/05/2024 ?
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