Skip already hold 19.9%... I thought that is the limit?And 7% is...

Skip already hold 19.9%... I thought that is the limit?

And 7% is not much... thats small enough to indicate its just retail shareholders selling/buying.. I would have thought?

This is my take... People know the original Scheme will be voted against (not reach 75% required threshold) and the result will be a big NO from existing holders.

This means JPower will move to phase two and make an off-market offer to all holders at .27... They will, once again, not meet the threshold (50.1% or if they do they certainly wont meet the 90% required to gain ownership).

In this case JPower will end up owning something like 25-65% of the company.

People are buying because they see this (most likely in my mind) scenario
A) benifiting Genex and resulting in a higher shareprice long term
and/or B) resulting in JPower returning to the table with a larger offer down the line

If this is what occurs (JPower end up owning 25-65% of the company by way of off-market offers they would be likely not return to the table with another offer until after Kidston Pumped Hydro (KPH) is online. This scenario (much to the dislike of Jpower) would allow long term investors like myself to realise the real value/closer to true value of Gnex and see through to the maturity of their big kahuna project, while also surviving long enough to potentially see inflation woes subsied and many more retail/esg investors returning to the market.

This is the best likely scenario for retail holders.
It took me a while, but I now see it happening and think it is quite likely.

So, vote NO to scheme... vote NO to off-market offer... Means Jpower will own a large portion but not even 70%. Retail holders more likely to get their hay-day!