@howiepatr16Early last week I emailed Ralph Craven a question of my own. I gave him a timeline by which I would make an official complaint to ASIC (being close of business Friday) should I not hear back from him.
I also asked this question this morning in the live webinar.
I did not recieve a response and have now progressed with the complaint.
My questions/complaint to Genex Power/Ralph Craven (obviously I edited it when sent to ASIC):
Dear Ralph Craven,
I am writing to inform you of my intent to lodge a complaint about the unlawful actions of Genex Power with the Australian Securities and Investment Commission (ASIC).
I am a shareholder of your company and as a shareholder I write to express my concern that J-Power, who you (Genex Power) have recently entered into a binding Transaction Implementation Deed (the deed) with, have access to information that shareholders (including myself) do not have access to.
I refer you to chapter 6 of the
Corporations Act 2001 which deals with takeovers and applies to Australian-incorporated listed companies such as Genex Power (ASX: GNX). The purposes of Chapter 6 are set out in
s602 and specifically state that:
the acquisition of control over voting shares or voting interests takes place in an efficient, competitive and informed market.And that:
the holders of shares or interests, and the directors of the company, body or the responsible entity for the scheme, know the identity of the acquirer, have a reasonable time to consider the proposal and have sufficient information to enable them to assess the merits of the proposal.As you (Genex Power) have had a J-Power representative on your Board of Directors (BOD) since the 18th of May, 2021, it is evident that J-Power have had, and maintains access to, the intricate and specific details of the financial obligations and proposed revenue streams of Genex Power's projects/facilities and the status of future proposed projects.
Such details have not been provided to shareholders.
I specifically refer to the following details that shareholders do not have access to and which J-Power does:
- the intricate details (interest and repayment terms etc.,) of the loan of up to AUD 610 million provided to the company by the Northern Australia Infrastructure Facility (NAIF).
- the specific income and revenue forecasts of the company's Kidston Pumped Hydro facility.
- the specific income and revenue being generated by the company's Bouldercombe Battery since commencement of commercial operations and forward looking forecasts.
- the specific income and revenue being generated by the company's Kidston Stage 1 Solar facility and forward looking forecasts.
- the specific income and revenue being generated by the company's Jemalong Solar Project and forward looking forecasts.
- the status of, and the specific cost, income and revenue forecasts of the company's current projects in development (Kidston Stage 3 Wind, Bulli Creek Stage 1 Solar, and Bulli Creek Stage 1 BESS).
I ask, leading into the shareholder vote surrounding the member's scheme of arrangement (the Scheme) and the potential vote surrounding the potential off-market takeover offer (the Takeover), how is it proposed that shareholders, such as myself, make an educated decision (as set out in the Corporations Act 2001) when we are not as informed (due to the actions of the company - Genex Power) as the bidder (J-Power) is?
Please respond to my enquiry by the close of business Friday 26th of January.
If I have not received a response by this stated date/time I will proceed with further action which will include an official complaint to ASIC.
Kind regards,
Mr. Lumin.
(20min delay)
