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22:39
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Originally posted by DannyBiggs:
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Also, ISX has a bit of an issue, in that previously it said it didn't know who the shareholders in Red 5 were and couldn't control them. Now they are saying that to get to 2B: shares trading, these previously unknown shareholders will put shares into some form of escrow. ASX requires to know who these shareholders are, and will require comprehensive documentation from these shareholders regarding agreement to any escrow. With regard to this part of your post, you phrase that was used by ISX or JK, was the company is "not privy to"... individual shareholders of RED5 This doesn't mean ISX weren't aware of who they are, but rather weren't willing to divulge the information at that time and were neither required to under any provision of law. The RED5 people were not related parties under the corporations act, which includes JKs brother.
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I think you'll find when asked a question about the ownership of Red5 the quote from JK was "the company was not aware of the owners of entities that held shares in ISX" which is true he never referred to Red5, he never said directly that they never new the ownership of Red5.
