Date today, page-28

"the problem is with the regulators who are unable or unwilling to investigate and enforce the rule" Yes I agree. But as I pointed out in this post:62410807, they barely have the funds to sustain themselves as is, so additional funding would be required to make x, y, and z investigations and prosecutions. ASIC is without a doubt, to this day, still underfunded.

"It would also be reasonable for MAY’s management to act and bring the irregularity to regulators attention as it is not in their (MAY’s) interest to keep share price artificially low because it exposes company to hostile takeover well below market value." Not quite. For example, if MAY did do as you were alluding to, they would be asking the regulators to investigate their own shareholders, which is fairly unheard of. It also is never a good look to pursue legal action, and that act alone usually has a negative impact on the share price. Also to assume the "irregularity" will cause a low share price which would result in a "hostile takeover" is i) pretty rare, and ii) even if that did happen, it would be in the very long distant future, the board might rather believe that they can withstand this "irregularity" in the short term, then once production starts, I imagine at that time, not even the bots would be able to stop the upwards momentum.