공시 • Aug 02
Electric Power Development Co., Ltd. (TSE:9513) completed the acquisition of remaining 92.28% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others. Electric Power Development Co., Ltd. (TSE:9513) entered into a non-binding, indicative and conditional proposal to acquire 92.28% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others for approximately AUD 350 million on February 5, 2024. Potential Transaction will be funded by Electric Power Development Co., Ltd.’s existing cash reserves and debt facilities. Transaction is subject to Due diligence investigation, approval from Genex Power Limited's shareholders and Subject to court approval and the receipt of all necessary regulatory approvals, including approval from the Foreign Investment Review Board. As of March 30, 2024, J-POWER reconfirmed the Indicative Proposal to Genex and also confirmed it had completed its due diligence on Genex. On April 2, 2024, Genex announced to the ASX that Genex had agreed to extend the Exclusivity Period under the Confidentiality and Exclusivity Deed to Monday, 8 April 2024 to allow additional time for the parties to negotiate an Implementation Agreement for the Potential Scheme. The finalisation of the Implementation Agreement remains subject to the Genex IBC’s approval and J-POWER’s final internal approvals. Accordingly, following a request from J-POWER, Genex has agreed to a further extension of the Exclusivity Period under the Confidentiality and Exclusivity Deed to 5.00pm (AEST) on Monday, 15 April 20242 to allow additional time for the Implementation Agreement to be finalised and J-POWER to obtain the required internal approvals. As of April 12, 2024, board of directors of Genex Power Limited unanimously recommends that Genex Power Limited shareholders vote in favor of the Scheme at the Scheme Meeting. As of June 14, 2024, the Foreign Investment Review Board has approved the transaction. As of July 19, 2024, he transaction is approved by Supreme Court of New South Wales. The transaction is expected to complete in late July 2024. As per the transaction, Genex will be required to pay a break fee to J-POWER and J-POWER will be required to pay a reverse break fee to Genex. The amount of each of the break fee and the reverse break fee, should either become payable is AUD 3.5 million.
Goldman Sachs Australia Pty Ltd acted as Financial advisor and Gilbert and Tobin acted as legal advisor to Genex Power Limited. Macquarie Capital Securities (Japan) Limited acted as financial advisor to J-Power. MinterEllison acted as legal advisor to Electric Power Development Co., Ltd.
Electric Power Development Co., Ltd. (TSE:9513) completed the acquisition of remaining 92.28% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others on July 31, 2024. 공시 • Apr 23
Genex Power Limited to Report Q3, 2024 Results on Apr 29, 2024 Genex Power Limited announced that they will report Q3, 2024 results on Apr 29, 2024 공시 • Mar 06
Electric Power Development Co., Ltd. (TSE:9513) entered into a non-binding, indicative and conditional proposal to acquire 92.2% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others for approximately AUD 350 million. Electric Power Development Co., Ltd. (TSE:9513) entered into a non-binding, indicative and conditional proposal to acquire 92.2% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others for approximately AUD 350 million on February 5, 2024. Potential Transaction will be funded by Electric Power Development Co., Ltd.’s existing cash reserves and debt facilities. Transaction is subject to Due diligence investigation, approval from Genex Power Limited's shareholders and Subject to court approval and the receipt of all necessary regulatory approvals, including approval from the Foreign Investment Review Board. Goldman Sachs Australia Pty Ltd acted as Financial advisor and Gilbert and Tobin acted as legal advisor to Genex Power Limited. New Risk • Feb 27
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: AU$5.3m Forecast net loss in 2 years: AU$6.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$166m free cash flow). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (AU$6.2m net loss in 2 years). Breakeven Date Change • Feb 01
Forecast breakeven date pushed back to 2026 The 2 analysts covering Genex Power previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of AU$300.0k in 2026. New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$237m free cash flow). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. 
