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Hey ASX, lift the damn suspension, page-2

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Jalaluddin

2,763 Posts.

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12/02/20

20:54

Post #: 42897295
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Originally posted by gimmegimme: ↑

The suspension of PIL is the most appalling example of regulatory overreach I have ever witnessed on the ASX.
Let’s talk the only principle that is relevant here. That is, the market is fully informed of the auditor’s opinion of the solvency of PIL as the audit report was released on 2 September 2019. That’s it.What more information does the market need? ANSWER: NOTHING.
Investors at the spec of the market are fully capable of making decisions in the light of the audit report without the ASX thinking that somehow they have a role to play.They have no role. It is impertinent for them to think that they do. All they are doing is f_____g things up. The regulator of the NASDAQ would not dream of doing a thing like expecting a tech start-up to comply with some theoretical establishment view of solvency.
I have no complaint about the auditors as they are just doing their job.Everyone knows that one of the foundation stones of the accounting profession is the Doctrine of Conservatism, so when they form a view about things like going concern they are necessarily going to take the most conservative stance.The problem I have is with the bureaucratic nobodies at the ASX who have had no regard for anything other than the conservative audit report.
The ASX have completely disregarded:
1)PIL’s capital raising announced on 1 December 2019
2)Two quarters of exceptionally strong revenue growth
3)PIL’s business plans and their, hitherto, successful execution of those plans.
4)The directors’ answers to queries as announced to the market on 18 October 2019

If the ASX continue along this path they are just going to turn Australia into an innovation backwater.

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Principles are not important to the unprincipled.

I also think it is unreasonable to believe that the ASX has disregarded the four points you raised; the ASX should be well aware of these points and IMO this is precisely why PIL is suspended ... just another stab in the back by ineffective, miserable failures.

PIL Price at posting: 1.1¢ Sentiment: Buy Disclosure: Held
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Hey ASX, lift the damn suspension, page-2

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Hey ASX, lift the damn suspension, page-2

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