TAKEOVERS PANEL and the INDEPENDENT EXPERT REPORT., page-81

Just to get the word out about ASIC's efforts to bury my Report of Misconduct I am posting the following, again:-

The failure of the Chief Executive Officer of the Australian Securities and Investment Commission, (ASIC), Mr Greg Yanco, to provide documentary evidence that ASIC has assessed a Report of Misconduct concerning the proposed takeover of Genex Power Ltd by Electric Power Development Coi,. Ltd, (J - Power).

A Report of Misconduct was provided to ASIC’s Mr Peter Witham on 17 April 2024.

Given the Transaction Implementation Deed, (TID), between J - Power and Genex Power Ltd progresses, I recently sent the emails below to Mr Yanco, Mr Peter Witham and Mr Chris Collins, the Chief Legal Officer for NAIF.

Messrs Yanco, Witham and Collins have chosen to remain silent despite the serious issues and questions that have been raised with them.

The takeover, orchestrated by the Genex Power Ltd board, (which includes the J - Power representative Mr Seshimo), has raised numerous issues. For Genex shareholders the main outstanding issue is why ASIC has not recommended that the Takeovers Panel be assigned the task of reviewing the takeover.

Unacceptable circumstances clearly exist in relation to J - Power seeking to take control of this Australian Renewable energy. Powers exist in section 657A of the Corporations Act for ASIC/Takeovers Panel to act.

Fair and reasonable shareholder value has not been independently determined. The need for independence is clear given the obvious conflicts of interests that exist between Kidston, Craven and Seshimo. Manipulation of the Genex share price, over an extended period was accompanied by a strategy to not disclose information about the still “SECRET” $610 million taxpayer funded concessional loan from NAIF.

What ought not be forgotten is that Messrs Kidston and Craven and the so-called Independent Expert, Goldman Sachs, were very much involved in the illegal 2022 bid to have Skip Capital secure the “SECRET” NAIF loan.

There are serious issues involved, including the issue of ASIC’s obligation concerning PUBLIC INTEGRITY associated with the NAIF loan.

The emails referred to above follow:-

Report of Misconduct - J - Power takeover "bid" for Genex Power Ltd.

	Mon, Jun 3, 2:12 PM (2 days ago)
to Greg

Mr Greg Yanco

Chief Executive Officer

Australian Securities and Investment Commission

Dear Sir

To ensure you are aware of this Report of Misconduct, (CAS-150437-J4FC3), I have attached a document posted today on the HotCopper website.

On 17 April Mr Peter Witham received my Report of Misconduct. I have not been able to obtain the date on which it was formally registered with ASIC.

I am therefore assuming it is 17 April, 2024. For Genex Power Ltd shareholders it seems the only thing that has happened since then, in terms of ASIC, is that an extension of time was granted by ASIC for the TID.

Yours sincerely

	Tue, Jun 4, 11:16 AM (1 day ago)
to Peter, Greg

Dear Mr Witham

In your 2 May email you included the stock/standard sentence which says:-

"ASIC will only contact you again about your report of misconduct if we require further information from you."

It is now over a month ago that you wrote. In that time J-POWER applied to ASIC for, and ASIC granted to J-POWER, relief from a requirement concerning despatch of the Transaction Booklet.

What evidence exists within ASIC and between ASIC and the other five Commonwealth Government instrumentalities and two ministers, (listed in the attachment), ASIC has produced frank, honest, timely and evidence based information that could substantiate a claim by ASIC that it has assessed my Report of Misconduct?

What dialogue has gone on between ASIC and the Takeovers Panel and NAIF, especially with regard to the MARKET MANIPULATION made possible by the non-disclosure of information about the "SECRET" $610 million taxpayer funded concessional loan?

It is perhaps worth noting that in about 24 hours there have been nearly eight hundred "hits" on my last post to HotCopper.

After over a month since your "get lost" email, will you provide some indication, today, that ASIC has not chosen to ignore its PUBLIC INTEGRITY obligations by resisting having the Takeovers Panel undertake a genuinely independent valuation. Determination of fair and reasonable Genex Power Ltd value should not be in the hands of the compromised Goldman Sachs.

I have cc'd this email to Mr Yanco.

Yours sincerely

HLP

	Jun 4, 2024, 5:14 PM (19 hours ago)
to Chris

Mr Chris Collins

Chief Legal Officer

Northern Australia Infrastructure Facility

Dear Mr Collins

In the latest version of the TID - the "Deed of variation of Transaction Implementation Deed", dated and announced today, 4 June, 2024, the acronym NAIF does not appear.

The word loan does not appear.

The word concessional does not appear.

The word term does not appear.

The word commencement does not appear.

The word capital does not appear.

The acronym, NAIF, and the above words are all ones one would associate with the 'SECRET" loan NAIF approved for the development of K2H by Genex Power Ltd.

Is NAIF privy to "confidential" documents concerning the "bid' by Electric Power Development Co,. Ltd for Genex Power Ltd? Is that why crucial aspects of the "SECRET" loan remain hidden?

At this point it seems likely ASIC has not sought clarification from NAIF of issues concerning the "SECRET" loan which gave rise to my REPORT OF MISCONDUCT and the perceived MARKET MANIPULATION leading up to the 12 April ASX Announcement of the TID?

Am I wrong to make this assumption about ASIC?

Has the Takeovers Panel or the Foreign Investment Review Board sought any information from NAIF about the "SECRET" loan?

Just what is NAIF's policy and legal position on the future of the "SECRET" loan?

Has the Chairperson of NAIF, Tracey Hayes, briefed Minister Madeleine King, Minister for Northern Australia, on the circumstances which have arisen with respect to the "SECRET" NAIF loan to Genex Power by proposed takeover?

Have cc'd this email to the Chief Executive Officer, Mr Greg Yanco and Acting Senior Executive Officer, Misconduct and Breach Reporting of ASIC.

Given the TID was announced on 12 April it seems reasonable for you to respond to this email tomorrow morning?

Yours sincerely

HLP

I have emailed this document to Messrs Yanco, Witham and Collins.

I have CC’d the ministers responsible for the Northern Australia Infrastructure Facility Act 2016; Minister King and Gallagher.

The document has also been BB’d to many others with various interests in the takeover, ASIC’s apparent failure to act upon the Report of Misconduct, the market manipulation by the Genex Board and the many issues associated with the “SECRET” NAIF loan.

To date the Foreign Investment Review Board, so frequently mentioned in the ASIC approved Deed of variation of the Transaction Implementation Deed, dated 4 June, 2024, is, so far, seemingly silent on the takeover?