It’ll take more than a 70 per cent premium and a clean cash offer to get a proper look under the bonnet at renewable energy group Genex Power.
That’s the takeaway from Farquhar family office Skip Capital’s maiden tilt at the company, with its request for extensive due diligence knocked back over the weekend.
It’s a big call by Genex, advised by Goldman Sachs and Gilbert + Tobin, which is clearly sticking to last year’s share trading and its outlook, rather than recent performance. The call was made after Genex’s board consulted institutional investors , and considered sell-side analysts’ views. It also reckons there’s signs of better times ahead, even if that wasn’t reflected in its share price or Paradice Investment Management/First Sentier’s selling one week ago. There’s strong wholesale electricity prices are in its favour in the near term, which makes its solar farms more valuable, while the longer term story is propped up by Labor government policy to target 82 per cent renewables by 2030.
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