2 Cents by June 2022, page-45

Absolutely I think ASX should have suspended it. I wrote that at 14.5c when I first read the 4C.

Here’s something for you to try to understand (if you’re even capable)… a suspension would have benefitted shareholders. The company needs to clear up the financial position ASAP, not trade with all this uncertainty. The conundrum is obvious - they can’t grow without funding, but they need growth to attract funders. So now they’ve “reduced generation of new BNPL business activity” (their words) to protect working capital, i.e. the money needed to run the business. Meanwhile, the SP has sunk over 40% more (!) since that 4C was released. Yes, a suspension until they cleared up the position would have protected shareholders.

The company is at fault here, not the shareholders. ASX should have protected the latter.