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 Kidston Solar Stage 1 (50MW) Project, the Company’s focus will now move onto the development of its 250MW Kidston Pumped Storage Hydro Project and the Kidston Solar Project Phase Two 270MW located at the Kidston Renewable Energy Hub, in Northern Queensland.
ContactGenex Power Ltd
Link: Change of Auditor
Genex Power Ltd (ASX:GNX) Welcomes Approval from the Northern Australia Infrastructure Facility to Proceed to Full Due Diligence Phase