Ann: Demerger of European Businesses, page-474

Were I a shareholder, whether i trusted JK or not, I would look at the experience of GetSwift's effective delisting before voting on any effective movement of the essence of ISX away from the ASX and Australia. (GSW moved from the ASX onto the Canadian NEO exchange via a holdco listing).

Like ISX, GSW moved in the context of an ASIC proceeding against it and its directors and like ISX, GSW polarised opinion on HotCopper. (I was negative on GSW - but I did hold it from time to time as the shareprice fluctuated quite a bit and it was a good trade). GSW and ISX are clearly different companies, run by different teams, but if I were a shareholder, I would look at how the move went for GSW holders before making a decision. You can look at the trading data on NEO's website: https://www.neo.inc/en/live/security-activity/GSW#!/market-depth additionally, HC and the web have a lot of commentary around the move.

One clear point of difference is the current ISX suspension - but in the context of the dispute over the performance shares I can see why ASX has taken the position it has. (Again, not saying it's right or wrong - I don't know. Just saying that I can see why ASX has taken the position it has). GSW was trading up until it moved. Another difference is that GSW was very clear that the move was from ASX to NEO. I may have misunderstood, but my understanding is that there is no definite, committed plan for a relist of the demerged ISX business. If that is the case, it's a hugely important difference between the 2 proposals.

I have not ever traded ISX, but I did trade in and out of GSW a few times. I was out of it when it delisted from the ASX. I have been following ISX from a general interest position so I am somewhat informed, but I have no skin in the game and am not fully informed. Not saying ISX's plans are good or bad - just saying that what GSW did is the closest thing I have personally seen to the proposed effective move by ISX and that it might be worth looking at how that panned out before casting a vote.