ipo relisting in limbo

Hi everyone,

Just thought that I should share what's going around the rumour mill.

The Stock Exchange definitely is picking a bone with our new chairman Mr Frank Timis with regards to his colorful history.

I am also told that the Exchange is also ocncerned about the majority of the holdings that will be under Mr Frank Timis control.

I believe GFE being suspended is also due to something similar.

As a shareholder I don't know the extent of the ASX powers or law but to date the exchange has been ok with the following:

1) Deal was dislosed back in August 2009 that that Mr Frank Timis was coming on board.
2) The Exchange approved of the prospectus and the supplementary prospectus
3) Capital Raising was done on the assumption that what was in the prospectus was all ok
4) Shareholder meeting was held and approved of the transaction.

I don't know why the exchange would let the company do all this then turn around and say you cannot list.

Also I am amazed that the Exchange can just keep the company in suspension and not even update shareholders of the reason behind this.

I call the Perth ASX and they don't seem to know anything. I then call the Sydney ASX and they do not seem to know anything. I call the company and they say "we have done everything we can".

Hope this whole mess is resolved