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
The post Top 10 at 11: Genex Power gets $380 million takeover offer from Japan utilities powerhouse appeared first on Stockhead.
