Well, this was predictable.
1. ASX have suspicion that the performance shares were dodgy. Start investigating.
2. JK/ISX position themselves as the aggrieved party. Try to claim that ASX are trying to stifle the competition.
3. JK refuses to provide details of the revenue numbers to the ASX because it doesn't portray him in the best light. States outright that he doesn't want the information released to us shareholders. This keeps us suspended for months on end.
4. JK/ISX buy part of NSX, to bolster the claim that ASX are punishing their competition. NSX, of course, are so little competition that even they are listed on the ASX.
5. ASX beat the first injunction, release info to the market showing that most of this suspension has been so that JK can protect his shareholding (this is all at our expense, including court costs)
6. JK increases stake in NSX, and just happens to receive documentation to put a new resolution on the AGM. Completely independent, but the resolutions seek to give the BOD complete discretion over removing the company from the ASX and relisting it "somewhere else".
So, from here, JK will continue to argue with the ASX, continue to use our money to fight the ASX and ASIC, and in the meanwhile, will remove us from the ASX and list us on the NSX, where our shares will become almost worthless.
Those suggesting that JK might list us on NASDAQ or any number of other exchanges are kidding themselves. He's organised with mates to put the resolution forward so that he can list on the NSX, try to change the story. He'll present it as "NSX is the future", and ISX will fade into obscurity, and with it, all of our money.
I've never bothered to vote at an AGM before. Better believe I will this one. Just a shame we don't have time to get a new resolution on the AGM to sack JK and the entire board for prioritising their own interests over ISX's. But of course, that's why this extra proposal only hit the market today, at the same time as the notice of AGM.
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