Genex Power Ltd Stock Market Press Releases and Company Profile
Completion of Share Purchase Plan
Completion of Share Purchase Plan

Sydney, July 26, 2019 AEST (ABN Newswire) - Genex Power Limited (googlechartASX:GNX) (Genex or Company) advises that the Company's Share Purchase Plan (SPP) closed at 5.00 pm last Thursday.

Applications under the SPP were received totalling almost $5.3m. The Board has resolved that, given the strong uptake from shareholders, feedback from a number of the Company's largest shareholders and growth plans for the future, the Company has ensured that all applicants receive the full amount of their application with no scale back.

By taking the full $5.3m as opposed to the indicative amount of $3m under the SPP, the extra shares to be issued thereunder represent an approximate 2.3% in dilution to the shares on issue post allotment. The Board is of the view that the benefit of taking the extra $2.3m far outweighs the minimal dilution to shareholders.

Only applications that were received prior to the deadline were included in the allotment. An Appendix 3B in respect of the SPP shares follows.


About Genex Power Ltd

Genex Power Ltd ASX:GNXGenex Power Limited (ASX:GNX) is focused on developing a portfolio of renewable energy generation and storage projects across Australia. The Company's flagship Kidston Clean Energy Hub, located in north Queensland, will integrate large-scale solar generation with pumped storage hydro. The Kidston Clean Energy Hub is comprised of the operating 50MW stage 1 Solar Project (KS1) and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects. The 50MW Jemalong Solar Project (JSP) is located in NSW and provides geographical diversification to the Genex Power Limited portfolio. JSP was energised in early December 2020 and commissioning is now underway. Genex is further developing its energy storage portfolio via the early stage development of a 50MW/75MWh standalone battery energy storage system at Bouldercombe in Queensland. With over 400MW of renewable energy and storage projects in development, Genex is well placed as Australia's leading renewable energy and storage company.

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Contact

Simon Kidston
Executive Director
Tel: +61 2 9048 8850
Email: sk@genexpower.com.au



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