Atlassian billionaire Scott Farquhar and his venture capitalist Kim Jackson have taken control of ASX-listed Genex Power, apparently winning a takeover bid for the renewable energy company.
Genex (ASX) in July Last rejected a late July offer of $0.23 cents per share, but left the door open to a revised bid.
Farquhar raised the offer by 8.6% to $0.25 a cent in a consortium controlled by Skip Capital, the family VC run by Jackson, with backing from US-based alternative asset manager Stonepeak Partners. Before the first auction of the Skip Essential Infrastructure Fund auction.
This raised the take value by $28 million to $348 million.
In a statement to the ASX today, Genex’s board said it would give due diligence to the matrimonial institution’s support for the mandatory proposal, which they now accept at $0.25 a coin.
“Should the Consortium submit a binding proposal to the Board in connection with the proposed Scheme for not less than A$0.250 per Genex Share in cash, subject to the Board’s acceptance of the Plan Implementation Agreement and no outstanding proposals, the Board’s current intention is that Genex shareholders support the proposed Scheme (in the absence of the above proposal and as determined by an independent expert); (and proceeding in conclusion) unanimously proposes that the proposed scheme is in the best interest of Genex shares,” the statement said.
The 11-year-old renewable energy producer’s assets include the five-year-old Kidston Solar Project, which generates up to 50 MW of power. The company has built a 250MW water extraction facility at the Kidston Gold Mine. The state’s renewable energy arm, Arena, has committed $47 million to that project.
Genex also operates the 50MW Jemalong Solar Project at Forbes in western NSW and has an agreement with Tesla for a 50MW battery storage project near Rockhampton, Queensland. Last week, the company announced the acquisition of the 400MW/1,600MWh Bully Creek solar and battery project in Queensland.
Skip Capital’s bid for Genex is subject to a number of conditions, and requires the approval of the Foreign Investment Review Board.