IMPORTANT - GENEX POWER LTD WEBINAR - ASIC REPORT OF MISCONDUCT...

IMPORTANT - GENEX POWER LTD WEBINAR - ASIC REPORT OF MISCONDUCT - NEED FOR TAKEOVERS PANEL.

Many of those who follow HotCopper for information about the proposed takeover of Genex by J - Power will be aware that a REPORT OF MISCONDUCT has been registered with ASIC.

The thread, TAKEOVERS PANEL and the INDEPENDENT EXPERT REPORT, has had 9.6K hits from HotCopper viewers. (Compare that to the announcement re the TID; 13.0K).

What preceded the NBIO is, to say the least, dubious. What went on has led to a belief that the basis for determining a fair and reasonable shareholders price is far from transparent and therefore requires the involvement of the Takeovers Panel. It is noteworthy that Goldman Sachs, the banker which participated in the legally flawed Skip Capital, (Jackson/farquhar), takeover, advised on price, in this instance, to the Kidston/Craven Genex IBC.

On 24 April I received a letter from Dr Ralph Craven, Non-Executive Chairman of Genex Power Ltd. Dr Craven did not acknowledge the existence of the Report of Misconduct or address the issues which gave rise to the registering of it.

I have sent Dr Craven an interim response, pending receipt of information from General Counsel for the Northern Australia Infrastructure Facility, (NAIF), Mr Chris Collins, and Mr Peter Witham, Acting Senior Executive Leader, Misconduct & Breach Reporting, Intelligence and International, ASIC (Brisbane).

Mr Collins and Mr Witham are certainly aware of the urgency of having the information I have sought from them.

The CEO of Genex Power Ltd, Mr Craig Francis, will be presenting a virtual group briefing at 11.00am. Monday, 29 April, 2024.

https://hotcopper.com.au/threads/ann-notice-of-quarterly-results-and-webinar.7960430/

It remains to be seen if Mr Francis will allow a full and frank discussion of the matters surrounding the Report of Misconduct or if he has been briefed by the “Kidston/Craven” board and internal and external legal advisers to close down such discussion/questions?

It is my intention to post Dr Craven’s and correspondence arising from it.

ASIC should not seek to bury the REPORT OF MISCONDUCT with obfuscation.