The issue is ASIC they are the ones that set the rules and they have been on a crusade to make reporting tighter and tighter over the years.
ASX gets stuck in the middle trying to interpret ASIC "guidelines" that they assume to be law because that's an easier default position for them. If ASX don't toe the ASIC line by ensuring compliance then one remedy is for ASIC to take away ASX's license to operate as an exchange which of course they wouldn't want so MOD and small shareholders bare the consequences.
The whole system is being designed by paper pushers that are trying to cater for the lowest common denominator. Perhaps a better approach is that if you don't know the risks then don't invest.
The latest guidelines as I understand it now start to impose a need for companies like MOD to demonstrate the project is financable (whatever that means) at the Scoping Study stage. How stupid that the market can't be informed as to managements view on the projects value and potential because of issues like demonstrating bankability that are much better dealt with in later studies.
MOD Price at posting:
3.2¢ Sentiment: Buy Disclosure: Held
