Good summary, it is all set out in the TID attached to the...

Good summary, it is all set out in the TID attached to the recent announcement in more depth but a few corrections:

- The Scheme needs to be accepted by at least 75% of shareholders who vote or else it fails

Phase two also has a number of outcomes:

- The off-market takeover bid does not receive at least 50.1% acceptance, therefore it fails and J-POWER does not acquire any shares.
- J-POWER receive at least 50.1% acceptance, but do not reach 90% total interest in Genex. They will acquire a large stake but cannot delist the company. E.g., a scenario where Genex stays listed but J-POWER holds a controlling stake. Likely they would have another crack at a buyout later down the track if they want to delist (See Boral / Seven Group).
- J-POWER receive acceptances that increase their total interest to 90%, in which case they would elect to compulsory acquire remaining shares (same outcome to the Scheme)