Genex Power Limited (ASX: $GNX) announcement overview

Genex Power Limited (ASX: $GNX) has extended the Exclusivity Period with J-POWER following the receipt of a non-binding, indicative and conditional proposal from J-POWER to acquire all of the Genex Shares that J-POWER and its associates do not already own. The proposal includes an alternative structure, under which J-POWER will potentially make the Potential Takeover Offer for all of the Genex Shares. J-POWER has reconfirmed the Indicative Proposal and completed its due diligence on Genex. The parties are currently working towards the entry into a mutually acceptable Implementation Agreement. Genex has agreed to the extension of the Exclusivity Period to allow additional time for the parties to conclude the negotiation of an Implementation Agreement.

Executive commentary on the extension of the Exclusivity Period

The extension of the Exclusivity Period with J-POWER provides both parties with the necessary time to finalize the negotiation of an Implementation Agreement. We are committed to keeping our shareholders informed in accordance with our continuous disclosure obligations. It's important to note that there is no certainty that the Indicative Proposal or the extension of the Exclusivity Period will result in Genex and J-POWER entering into an Implementation Agreement or that the Potential Transaction will proceed.

Summary of Genex Power Limited (ASX: $GNX) announcement

Genex Power Limited (ASX: $GNX) has extended the Exclusivity Period with J-POWER to allow additional time for the negotiation of an Implementation Agreement. The company's flagship Kidston Clean Energy Hub, with its operating 50MW stage 1 Solar Project and the 250MW Kidston Pumped Storage Hydro Project, remains a key focus. With a committed portfolio of 400MW and up to approximately 2.3GW of renewable energy and storage projects in the development pipeline, Genex aims to become a leading renewable energy and storage company in Australia. The company continues to acknowledge the support of key Federal and State Government stakeholders in its pursuit of renewable energy initiatives.