In today’s briefing:
- Genex Power (GNX AU): J-Power’s Binding Proposal as Skip’s Intentions Remain Unknown
- Genex (GNX AU) & J-Power (Finally) Firm Terms
Genex Power (GNX AU): J-Power’s Binding Proposal as Skip’s Intentions Remain Unknown
- Genex Power Ltd (GNX AU) has entered a transaction implementation deed with Electric Power Development C (9513 JP) for a scheme (A$0.275) and an off-market takeover offer (A$0.270).
- Skip could vote against the scheme due to the low 10% premium to its 2022 offer and Genex’s operational capacity rising by 2.7x by the end of 2024.
- The likely scenario is that J-POWER succeeds with its takeover offer. At the last close, the gross spread of the scheme and takeover offer was 3.8% and 1.9%, respectively.
Genex (GNX AU) & J-Power (Finally) Firm Terms
- On the 4 March, Genex Power (GNX AU) announced an A$0.275/share NBIO from Electric Power (9513 JP) (J-Power), by way of a Scheme, in tandem with an off-market A$0.27/share Offer.
- Due diligence was afforded. Exclusivity was extended twice, before a firm offer was inked at the same terms on the 12th April. The Scheme meeting is expected mid-July; implementation late-July.
- And Scott Farquhar’s Skip Enterprises, which holds 19.9% in Genex, and who had previously pitched a A$0.25/share NBIO in 2022? No word. And no irrevocable.
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