How's the Capital Raise Going to Work?, page-119

They are each responsible for different things. The ASX is certainly responsible for monitoring ASX announcements and asking for clarification if there is something in those announcements that doesn't make sense. 4C announcements are not an ASIC requirement. No unlisted companies are required to submit a 4C by ASIC - they just provide a solvency resolution once a year.

Rather, they are an ASX requirement for companies deemed to be at the risky end of the market - supposedly to better inform investors. It's of course in the ASX's commercial interest to do this. Better informed markets lead to increased listings and trading which in turn leads to more profits for the ASX.

Somehow the removal of a line of credit - that was supposedly worth two times the current market cap of the organisation - from one 4C to the next - wasn't deemed worthy of a "please explain" by the ASX. If you bought shares after the January 4C because you thought there was no funding risk to CHM, only to see a massive funding risk emerge in the April 4C - which has led to a desperate capital raise 50% below the SP at the time of the January 4C - you should be aggrieved.

Ambulance-chasing, class-action legal firms might be taking a look.