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Top 10 at 11: Genex Power gets $380 million takeover offer from Japan utilities powerhouse
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Stockhead’s Top 10 at 11, published each trading day, highlights the best (and worst) performing ASX stocks in morning trade using live data.
It’s a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms.
The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has started trading. West Australians are enjoying a long weekend today with the Labour Day public holiday, which is slowing announcements from companies in WA, particularly on the resources front.
WINNERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| CNJ | Conico Ltd | 0.003 | 50% | 500,000 | $3,140,190 |
| GNX | Genex Power Ltd | 0.25 | 35% | 5,287,349 | $256,257,771 |
| VML | Vital Metals Limited | 0.004 | 33% | 261,005 | $17,685,201 |
| POS | Poseidon Nick Ltd | 0.0075 | 25% | 20,396,436 | $22,281,209 |
| GES | Genesis Resources | 0.005 | 25% | 152 | $3,131,365 |
| NAE | New Age Exploration | 0.005 | 25% | 600,000 | $7,175,596 |
| RDS | Redstone Resources | 0.005 | 25% | 375,000 | $3,701,514 |
| AYT | Austin Metals Ltd | 0.006 | 20% | 3,500,050 | $6,425,957 |
| OAU | Ora Gold Limited | 0.006 | 20% | 2,000,000 | $28,700,004 |
| TIG | Tigers Realm Coal | 0.006 | 20% | 1,000,000 | $65,333,512 |
Queensland renewable energy company Genex Power (ASX:GNX) announced that it has received an indicative bid proposal from Japan’s Electric Power Development, J-Power, valuing its equity at ~$380m.
In an announcement GNX says its has granted J-Power, one of Japan’s largest utility companies, permission to conduct a thorough examination of its financial records to determine whether the proposed offer of 27.5 cents/share in cash will be formalised.
Additionally, J-Power has presented an alternative offer to secure control of the company in case there is insufficient support from GNX’s shareholders for the primary bid.
The second offer entails a lower amount of 27 cents/share in cash, contingent on approval from shareholders to hold a minimum of 50.1% of the company’s stock.
J-POWER is a 50% joint development partner of GNX for its Kidston Stage three Wind and Bulli Creek Solar and Battery projects, and holds 7.72% of its shares on issue. J-POWER also extended a $35 million corporate loan facility to Genex in 2023, which remained fully drawn at 31 December 2023
LOSERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| BP8 | BPH Global Ltd | 0.001 | -50% | 750,955 | $3,908,232 |
| TD1 | Tali Digital Limited | 0.001 | -33% | 2,810,000 | $4,942,733 |
| AVE | Avecho Biotech Ltd | 0.003 | -25% | 370,000 | $12,677,188 |
| EDE | Eden Inv Ltd | 0.002 | -20% | 4,145,225 | $9,195,678 |
| KPO | Kalina Power Limited | 0.004 | -20% | 500,000 | $11,050,640 |
| ROG | Red Sky Energy. | 0.004 | -20% | 2,599,992 | $27,111,136 |
| TMK | TMK Energy Limited | 0.004 | -20% | 302,195 | $30,612,897 |
| AMD | Arrow Minerals | 0.005 | -17% | 5,305,000 | $40,102,591 |
| EMT | Emetals Limited | 0.005 | -17% | 3,000 | $5,100,000 |
| MHC | Manhattan Corp Ltd | 0.0025 | -17% | 139,134 | $8,810,939 |
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