I think that is the crux of what the ASX is trying to get. Given the strained (to be polite) nature of the relationship between the two parties, ASX probably does not trust ISX to respond fully and are thus asking for specific information such that they can ascertain for themselves if this was material or not.
Having read through the responses in their entirety, I still don't feel ISX has adequately answered. Example, ISX responded with "For the avoidance of doubt, ISX has not as yet ‘processed’ in Australia as a principal under the Visa scheme. Two things flow from that – the first is that Visa principal membership cannot be material to our share price... " -> Not having 'processed' as a principal user in Australia doesn't exclude Visa membership from being material to ISX's share price. Most of their revenue is derived overseas (in my understanding) and thus the Australian membership may be inmaterial but their overseas principal membership (which is suspended) could be processing > 10% of their revenue (although they refused to answer the % of revenue derived from VISA payments so we cannot tell).
Don't get me wrong, I hope this eventually gets sorted and ISX resumes trading and does well. I have a 6 figure holding. Maybe it's time though for JK and Tim to step aside for independent CEO/chair person at least temporarily while this situation is sorted. JK could act as a consultant during this time. This all started with investigations into the awarding of the performance shares to JK and associates. It is hard (or could be perceived as such) for him to necessarily act in the best interest of all shareholders when that may be acting against his own best interests.
I'm not in a hurry for this to start trading. I would like to see this all resolved first. In that sense I do support the ASX in the ongoing suspension. Whoever is right and whoever is wrong, it needs to be clear so that once we can start trading we are properly informed as to the current state of ISX and its share structure.
ISX Price at posting:
$1.07 Sentiment: None Disclosure: Held
