Ann: Response to ASX Query, page-8

Yes, this puts some flesh on the bones of ASIC's Stop Order.

ASX/ASIC will be in a pickle now. They define the regulations and obviously want to interpret those regulations as they see fit. Trouble comes when someone like HML comes along and forensically assesses the regulations and finds, probably with some ease, that they do not apply. While ASX/ASIC will possibly retreat to some mutterings about the "spirit" of the regs, that is no excuse for poorly written regs in the first place (the "pub test" works in a pub, or the court of public opinion, but not in a court of law).

As usual, private market lawyers will have a field day.

The whole thing could have been avoided if HML pre-cleared the prospectus with ASX/ASIC before they announced it.