I have this morning followed up with the ASX (not ASIC) regarding the suspension status. I encourage all shareholders to do the same. Email sent to: [email protected] with subject: SSN Voluntary Suspension
To: Mgmt of ASX Trading RE: SSN Voluntary Suspension
SSN applied for voluntary suspension over 1 ago (16th April, 2018) .The reason given to the ASX was: "The voluntary suspension is necessary for the Company to make an announcement to the market regarding a funding proposal".
That suspension was extended multiple times. It is my understanding that the ASX will normally end a voluntary suspension once the entity makes the announcement about the event it said would result in lifting the suspension without the entity (i.e. SSN) needing to take any action. SSN, on 11th April, 2019 made the following market announcement:
SAMSON OIL & GAS REFINANCING Denver April 10th, 2019, Perth April 11th 2019 Samson Oil and Gas USA, Inc.,a wholly owned subsidiary of Samson Oil and Gas Limited(ASX:SSN and OTCQB:SSNYY) has closed a $33.5 million refinancing with AEP I FINCO LLC.
Clearly SSN has, after multiple attempts, has now found a financier willing to lend the capital necessary for SSN to continue to operate.
However, I can only conclude that the ASX is not satisfied and has SSN in an "involuntary suspension" from trading on the ASX platform (note that throughout the suspension from the ASX, SSN has continued to trade in the USA via OTC board).
Is there a valid business reason for why we are not trading on the ASX and if SSN is indeed in an "involuntary suspension" state, why the shareholders and the market has not been informed and the reason why.
Regards, XXXX SSN Shareholder
SSN Price at posting:
1.5¢ Sentiment: Sell Disclosure: Held
