Ann: Withdrawal of Cleansing Notice, page-159

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SprayandWipe

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21/12/19

12:23

Post #: 42083785
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Originally posted by snackattack ↑

Hi @gattertop , it is good that ISX disclosed the kind of revenue they earned H1, 2018 in the notes to the financial statements and they also made a comment about a "new revenue stream" being "set up and integration" in the CEO commentary

So that is appropriate disclosure , but it is not the main Q on this issue.

The main Q is "should the FCorp and IMMO contracts have been announced to market" under the company's continuous dislosure requirements

The ASX will argue YES, they were big c.50% of ISX half yearly revenues.

ISX will argue NO, we only made 100k gross profit and therefore it wasn't material and therefore not price sensitive

On balance, i am siding with the ASX. I reckon ISX should have disclosed these contracts at the time. So that is probably a breach for me.

HOWEVER => i dont think not dislcosing contracts from 18 months ago should be justification for the stock in suspense today

The question is were the revenues earned, the auditors say YES, so the shares were issued. Put the performance in escrow, slap a fine of ISX for a misdemeanour breach 18 months ago and lift the suspension.

It is the most sensible path forward.

Let the market decide.

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Yea, great plan and all, but unfortunately that decision is upto the ASX.

And why would they risk that, what if investigation finds out that some revenue was illegitimate. The ASX has just opened themselves up big time to litigation from anyome who purchases shares after re-instatement.

ISX aint trading anytime soon, especially with a court case in process.

ISX Price at posting: $1.07 Sentiment: Hold Disclosure: Not Held
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Ann: Withdrawal of Cleansing Notice, page-159

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