@Mr.Lumin, Correspondence from Dr Ralph Craven, Non-Executive Chairman of Genex Power Ltd.
If you see this I have worked out how to get Dr Craven’s letter to you. Have had trouble posting this. You will find it below; along with copies of the contents of the letters sent to Mr Chris Collins, NAIF’s General Counsel, Mr Peter Witham, the ASIC officer dealing with the Report of Misconduct, (including its registration) and my interim response to Dr Craven.
Given my extensive experience of dealing with the ASX and ASIC, when I challenged the legality of the Skip Capital Consortium takeover, I came to the view that Mr Witham and Mr Collins are unlikely to be in any hurry with their responses, which I intend to reference in my further response to Dr Craven.
It is noteworthy that the ASX has not even acknowledged receipt of any correspondence. The similar experience I had with Skip Capital and Scott Farquhar and Kim Jackson. I expect you had the same experience with them; Skip Capital?
Please put a post on my latest thread, (IMPORTANT - GENEX POWER LTD WEBINAR - ASIC REPORT OF MISCONDUCT - NEED FOR TAKEOVERS PANEL). I will then post this to that thread.
Out of amusement I have sent this to Shigetaka Nojiri, (Electric Power Development Co., Ltd). Seems likely it will bounce back; like the emails to Ana Gomiero, Genex’s General Counsel.
Report of Misconduct
Dear Mr Witham
As you know, today I received a letter from the Chairman of Genex Ltd, Dr Ralph Craven.
I am awaiting the reference number for my Report of Misconduct, the authorisation to disclose information, advice ASIC has formally advised Genex Power Ltd by Electric Power Development Co., Ltd (J - Power) and the link to standard policies and procedures before I respond to Dr Craven.
I look forward to your response.
Yours sincerely
Dear Mr
As disclosed in the announcement released by Genex to the ASX on 12 April (which attached a copy of the Transaction Implementation Deed between Genex and J-POWER):
1. a Transaction Booklet containing important information in relation to the Transaction will be sent to Genex shareholders in advance of the Scheme Meeting (at which Genex shareholders will consider and vote on the Scheme);
2. the Transaction Booklet will contain an explanatory statement in respect of the Scheme, J-POWER’s bidder’s statement and Genex’s target’s statement in respect of the Takeover Offer, and will set out the reasons for the Genex IBC’s unanimous recommendation to Genex shareholders in respect of the Transaction; and
3. the Transaction Booklet will also attach a copy of the report prepared by the Independent Expert, who will be appointed by Genex (at the direction of the Genex IBC) and will be requested (by Genex, at the direction of the Genex IBC) to provide an opinion on whether the Scheme is fair and reasonable and in the best interests of Genex shareholders (other than J-POWER) and whether the Takeover Offer is fair and reasonable.
As the Transaction includes a Scheme, as part of their supervisory roles in respect of the Scheme under the Corporations Act, ASIC and the Supreme Court of NSW will have the opportunity to review drafts of the Transaction Booklet (including the Independent Expert’s report) before it is sent to Genex shareholders.
As disclosed in Genex’s announcement to the ASX on 12 April, Genex currently expects that the Transaction Booklet (including the Independent Expert’s report) will be sent to Genex shareholders in early- to mid-June.
Kind regards,
Dr. Ralph Craven
Independent Non-Executive Chairman
Dear Dr Craven
I refer to your letter of yesterday.
Since receiving the letter I have emailed Mr Peter Witham and Mr Chris Collins.
I have reminded Mr Witham of four matters I have raised with him; including being provided with the ASIC reference for the registered Report of Misconduct.
Mr Collins has been asked under what Commonwealth Act(s)/Authority does NAIF refuse to provide details of the $610 million concessional loan.
At this stage it is my intention to respond to your letter, more fully, with the feedback from Mr Witham and Mr Collins on hand.
I note that you made no reference to the Report of Misconduct, let alone address the various issues which have been raised with ASIC and widely canvassed on the HotCopper site. For this reason I have attached a file titled "Third letter to Misconduct Issuer".
The contents of that file were posted on the HotCopper site on 16 April. At this time it has had 9.1K hits; (compare that to the 13K hits for the ASX Announcement concerning the TID).
I have copied our emails to Andrew Macdonald, (AFR), Giles Parkinson of RenewEconomy, NAIF's Mr Chris Collins and the external legal representatives of Genex Power Ltd and Electric Power Development Co.,Ltd
(20min delay)