takeover Skip, page-362

Another day again no information. I mean how long can this go on? At somepoint Management need to provide a timeline. Fair enough early on it might have been difficult almost 3 weeks in and not forgetting 5 weeks from initial offer and probably over a year since Skip Capital had commited considerable funds in a private placement you would think they knew alot about the Genex Power business.

I am begining to think this was a whole big game. Let me explain.

#1 Put in a non binding bid to get the share price up for a possible capital raise in future since it was tanking at 12 cents a share. Then put out some new plans for new projects and say hey we are continuing operations with a new project and do a cap raise at 18 cents rather than the 9-10 cents range.

#2 Drag this DD for several months. Ending up initially with no deal or just dragging it on until Skip Capital and the Consortium feels more assured with the Hydro Project going well and on schedule to minimise construction risk and then decide yep I am buying at the Management agreed 25 cents. LOL. If that's the plan let me tell you will have law suites for years. This would be a massive misstep and government won't be granting any further funds for projects for such a company.

My point has always been Management is to blame. They stuffed the financing on Kidston Hydro and since then they have been making error after error. They are clearly no longer in it for the long haul or at least not as a Public Company. Therefore, I'd rather sell on the 25 cents share price and reduce construction risk and divert my funds elsewhere. I do agree with retail investors on here that Genex Power on completion is worth much more but Management will sell out at 27 cents mark my words and after taking all the construction risk woud that be a equitable outcome to retail investors? I think not. Management has showed they're hand they are not looking long term or creating long term value for current shareholders. They want to cash out now and perhaps play a role in the new entity going forward (if they can or allowed to).

The bottom line is Genex Power Shareholders deserve to be given a timeframe. I am not asking for a finite outcome that would be an unrealistic expectation from this incompetent management. A timeframe of when DD will be finalised and then we will still need shareholders votes etc... still to be done. But they cannot be allowed to just continue with a non binding proposal and an ongoing due diligence for a lengthy period. Every month that passes means our largest asset by far is getting nearer to completion. Take a look at the Hydro construction by Sept 2024 the asset is almost completed. So we only have two years of construction. So you either take 25 cents now or don't worry Skip Capital we are happy to hold till the end. But you ain't getting 25 cents in Sept 2023 when there is 12 months left on the construction. Remember the 12 month target is around 30 cents by various valuation firms.