The reason AZZ may go into voluntary administration is that the 'executed sale and purchase agreement with no conditions precedent' failed to complete. That is the reason that you, me and whoever else invested in AZZ will lose money. I have had no control over the negotiation of this agreement in any way.
2. As for why AZZ is in suspension (which in itself does not contribute any value), if you refer to announcement you will realise it is because AZZ refused to comply with its listing obligations. Again, this is not something that you, me or any other investor can change. If AZZ comply with their listing requirements then they would be allowed to trade just like the other 2,000 listed companies on the ASX.
Did I perhaps alert ASX to AZZ's breech of its listing requirements. Yes I did to protect my investment.
Investing in a sale and purchase with many conditions precedent is riskier than investing in a sale and purchase with no conditions precedent. As is a deal for equity versus a cash deal. I utilised the listing requirements to enable me to have made an informed decision.
Which is why I am furious.
I do not err in my calculations or ability to assess risks. Unless and until I understand how this sale and purchase failed to complete after the statements announced to the market, I will be pushing ASIC and whoever else to investigate and take appropriate action.
I'm glad it's not just me that is now demanding answers (Trustee of Notes as well).
Having lodged that initial complaint with ASIC bodes well in demanding an answer for all. It should not be up to the industry professionals to be interrogating announcements for material information or lack of it
