I understand that iSignthis management have not even seen a complete version of the report.
Yes, that's one problem per OM's disclosure to ASIC as reported under report 578. OM have misrepresented how they act to ASIC.
The other issue is that ISX issued a correction via the ASX per this https://hotcopper.com.au/threads/ann-response-to-ownership-matters-pty-ltd-report.4961196/
OM haven't issued a correction. In fact, the three ASX query letters and ISX response would also be reason for OM to update their report, per ASIC 578 report.
They haven't done so. Again, they are misrepresenting to ASIC how they act. The presence of a report that is not factual, that is now shown to be patently false by the ISX response to the ASX queries creates misinformation in the market.
So, as Proxy advisers are also subject to s1041H of the Corporations Act which states that a person must not engage in conduct, in relation to a financial product or a financial service, that is misleading or deceptive or is likely to mislead or deceive, their failure to update their report per the ASIC 578 representation is likely now a breach of s1041H of the Corps Act .
Basically, a bunch of fifth rate amateurs. Their position may be salvageable slightly if they were to show some remorse and sense, and comply with the Corps Act and their representation to ASIC.
Else, ISX lawyers will likely have a field day. If Dean Paatsch has any assets, then six of us can get together and class action him for damages. Hes likely too small for the big shareholders to chase, but Ill take his house, car, holiday home and his antique star wars figurine collection as compensation.
Deano can then live the socialist dream!
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