Ann: ISX damages claim increases by $200.7m to over $464.7m, page-150

Uncannily, I posted these two posts below on the same day, around 30 minutes before the latest announcement was released.



...and also this...



The main take away from the two posts can be summarised by the word "political", which is I think is the reason behind ISX's actions. Since I have already covered ISX's previous damage claims, so let's this time discuss the new damage claims, which I believe is ludicrously silly and reeks of absolute desperation. I will explain why I think so.


First, let's talk about the amounts. How on earth did ISX even come up with that? The fact is that ISX claims that the new damage amount of over $200 million is directly attributed to the suspension. So that is the suspension only, which means not the ongoing investigation by ASIC, not the statement of reasons, and not anything else but the suspension. Considering the suspension has been ongoing for around 11 months now, that means ISX is claiming 18 million in pure profit a month, which is ludicrously silly. It is difficult for me or I think really anyone who have been following the entire saga that ISX somehow really thinks that if they haven't been suspended then they would have been able to generate 18 million a month in NPAT!!! Unbelievably tenuous, I think so much so that ISX didn't even bother adding it in the SOC...The damage claim would need to be added in the SOC or be pursued as a separate case running in parallel. If it hasn't been added then what the heck is ISX doing? Has ISX even discussed this with its lawyers????? I believe not! WTH???

Then we have this, OMG (facepalm):



What does it mean by share price volatility as the reason for the suspension?Share price volatility was merely cited but was never the sole reason for the suspension. The reason for the suspension was not and is not share price volatility. This below has always been the reason and it hasn't changed from the beginning!


More details of the reason is outlined in the ASX statement of reasons. There can be absolutely no mistaking the reason for anything else. It was ISX that stated share price volatility as the reason. Regardless, ISX themselves understood the reason very accurately as proven by these documents below:


The announcement above was released on the 2nd of October 2019. As you can all read from the announcement, ISX welcomed both the suspension and the queries. ISX even mentioned audits, which to me indicates that ISX knew full well that the queries had a lot to do with its financials.

Then we have this one:



In the announcement ISX stated share price volatility as the reason for the suspension. But in the same announcement not only did ISX said that they welcomed the suspension and thought that it was in the best interest of shareholders but ISX also mentioned some other very crucial things. ISX mentioned the performance rights and the media coverage surrounding it. That to me indicates clearly that ISX knew what was going on. So then why does ISX persist in using the clearly false notion of share price volatility as the reason for the suspension that ISX itself created? Especially when we now know that ASIC gave vital information to the ASX leading up to the suspension:



So then why did ISX releasing such silly claims that may not even make it to court considering that it hasn't been included in the SOC?

Simple, political reason. This last paragraph from the latest announcement illustrates this clearly:



I believe that ISX has always known that they would never be able to prove their claims in court. Subsequently, ISX is trying to do everything it can to pressure the ASX to reinstate it without any escrow measure in place. Feel free to read my earlier posts that I have quoted above.