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21.5¢ genex power limited

G Good to have an explanation and some acknowledgement of the...

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b_patterson

761 Posts.

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02/02/17

12:30

Post #: 22317263
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Originally posted by silu73 ↑

Reply from Simon Kidston about my e-mail:

I understand, the timing and pricing is regrettable. The background is we pushed very hard to finalise the key contracts and lending documents prior to Christmas , but unfortunately we were not able to finalise them until very recently. In the meantime, the bond rate / interest rates have increased sharply . By way of example, in early December, the rate to hedge our debt for 10 years was 4.1%. Today the same 10 year hedge is 4.7%. The impact is less project debt which means more equity. We aim for Financial Close (the time we draw on the debt and hedge the rates) late next week . However, on a positive note, work has commenced on site and so there is no delay to our construction timetable

regards

Simon Kidston | Executive Director

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Good to have an explanation and some acknowledgement of the surprise and suspicions that the raising has given rise to.

Thanks for ringing GNX and for posting the result.

I didn't know that bond rates have risen so much.

GNX Price at posting: 22.0¢ Sentiment: Hold Disclosure: Held
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