Stonepeak Partners LLC, (https://stonepeak.com/about), and two...

Stonepeak Partners LLC, (https://stonepeak.com/about), and two former Macquarie Bank bankers seemingly held hands with Jackson and Farquhar as the plot to privatise Genex Power Ltd was developed.

Allens, (the lawyers), announced the plot via the ASX and, at the same time, the Australia Financial Review; (25 July).

It seems the main aim, for Jackson and Farquhar and their Skip Capital, was to gain access to the $610 million taxpayer funded concessional loan from NAIF to Genex.

I put it to the two Allens partners that it seems reasonable to assume the plot complied with Commonwealth laws and that they had provided Farquhar, Jackson, Stonepeak Partners LLC, etc with an opinion to that affect. No response.

I asked NAIF if it had sought an opinion from the Commonwealth Solicitor-General on Commonwaelth laws involved in the proposed two new beneficiaries of the concessional loan, (via their privatised Genex). Months have passed but still no indication an opinion has been sought, let alone obtained, from the Solicitor-General.

Perhaps Farquhar, Jackson, Stonepeak Partners LLC, the board and management of Genex Power Ltd and their nominated financial advisers will come together again and work out the best way forward, keeping in mind the 19.99% of Genex shares presently and perhaps in the long-term, held by Jackson/Farquhar.

Given the history, since at least July, how Genex shareholders best interest are protected in such a scenario is a moot point.

A new entity, based around Genex's two solar farms, the Tesla battery, the project ready Goldwing wind farm, the long anticipated 250MW solar farm extension and the rights to the 1,000MW battery might give the existing Genex Power Ltd significant equity in such an new entity. Jackson and Farquhar have the spare cash, Stonepeak have access to institutional funds and, if the numbers stack-up, there are other top-up lenders out in the market place.

Time will tell if the ministers responsible for the administration of NAIF, Madeleine King and Katy Gallagher, insist rules of law be administered in accordance with expectations set out in the National Anti-Corruption Commission Act 2022; starting with the long outstanding legal opinion from the Solicitor-General.