Genex’s board, chaired by former Stanwell Corporation chairman Ralph Craven, is understood to have received the indicative and non-binding bid over the weekend from a group of investors that have already amassed a combined 19.9 per cent stake.The consortium includes Skip Capital, the private investment fund founded by Atlassian’s Scott Farquhar and his wife, former Hastings Funds Management executive Kim Jackson, and a private equity partner.
The company and its bankers should’ve seen it coming; more than 125 million Genesis Power shares changed hands in two trades late last week, representing about 9 per cent of the company.The biggest trade was late on Friday night, when Jarden’s equities desk crossed 86.5 million shares or 6.2 per cent of Genex’s issued equity. Alarmingly, it was at 23¢ a share or a 70 per cent premium to the Friday close.