Having gone through the ADI process recently I can confirm few things: 1) What ever your timing expectations going into the ADI licencing process triple it. 2) And I am not clear as to this with respect to ISX given that ISIGNTHIS (BVI) has 40%+ holding, but APRA sets a limit of maximum shareholding for any one investor in the company being under 20%. There may be a need for BVI to sell or restructure some of the holdings. 3) APRA requires that ADI need to have an independent Board i.e. not one controlled by the Main Shareholders or Management of the Company. That may be an issue that needs to be addressed also.
Personally I think that those are the key aspect that ISX needs to address to get the ADI and whilst change in APRA management may provide some delay it is probably on the lower end.
