The primary reasons for the Company seeking the consent of ASIC to the change were that the construction of Genex's Kidston Solar Project (Phase One 50MW) will be one of the key focus areas for the Genex group of companies (Genex Group) going forward. Along with the Group's future projects, Genex needs the experience and assistance of an auditor that has deep renewable energy and construction experience given the risks and complexities these areas have on the recognition and disclosure in the financial statements. EY's Australian and global network gives Genex a large network to draw on industry, financial and tax experience.
The details of the new auditor are:
Ernst & Young
200 George Street
Sydney NSW 2000
Under s329(8) of the Corporations Act 2001, the effective date of the change is 25 July 2017.
About Genex Power Ltd
Genex Power Limited (ASX:GNX) is a power generation development company listed on the ASX. The Company is focused on innovative clean energy generation and electricity storage solutions which deliver attractive commercial returns for shareholders. Following Financial Close of the first phase 50MW Kidston Solar Project (KSP1), the Company’s focus is now on the development of its Stage 2 Projects comprising a 250MW Pumped Storage Hydro Project (PSHP) and the integrated 270MW Kidston Solar Project (KSP2) located at Genex’s Kidston Renewable Energy-Hub in Northern Queensland.
Genex Power Ltd