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 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. The Company has a development pipeline of up to 770MW of renewable energy generation and storage projects within its portfolio, underpinned by the Kidston Renewable Energy Hub in far-north Queensland (Kidston Hub). The Kidston Hub is comprised of the operating 50MW Stage 1 Solar Project (KS1), the 250MW Pumped Storage Hydro Project (K2-Hydro) and the multi-staged integrated Solar Project of up to 270MW (K2-Solar) under development and the Kidston Stage 3 Wind Project of up to 150MW under feasibility. In addition, the Company has acquired the 50MW Jemalong Solar Project (JSP), located near Forbes in NSW, which is also under development.
Genex continues to acknowledge the support from the Federal Government, through the Australian Renewable Energy Agency (ARENA), which provided $8.9 million in funding to support the construction of the KS1 Project, in addition to their support of up to $9 million in funding to support the development of the stage 2 projects. Genex also acknowledges the support of the Queensland State Government through providing a 20-year revenue support deed and designating the Hub as 'Critical Infrastructure' to the State.
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