Swag of Genex shares sell but J-Power still onboard
A major investor in the developer of a north Queensland hydro project, Genex, has bailed out of the company, selling 50 million shares yesterday. But it wasn’t J-Power.
Atlassian co-founder Scott Farquhar. His Skip Infrastructure holds 19.9 per cent of Genex . (Image: Supplied)
The shares were crossed by Morgans and represented an extraordinary change in trading patterns for the company’s shares.
Genex rejected media claims it was J-Power which it said continued to hold 107 million shares in the company.
J-Power has been an important backer of the project, as well as a nearby wind farm project.
There are a host of investors within nominee companies that could be the seller.
Skip Essential Infrastructure Fund and Stonespeak made a 25 cents a share bid for Genex last year but eventually walked away. Skip still holds a 19.99 per cent stake and is owned by Atlassian billionaire Scott Farquhar.
There was speculation that the bid was abandoned because of problems in the main tunnel construction which Genex has since resolved.
