So I was chatting with a mate and we both came to the same conclusion on this one. He is a SI and probably knows more than I (well that's debatable) but we did agree on this. Happy to hear other peoples thoughts.
By the ASX saying that it is immaterial I suggested maybe they know something (information not released) as to why ISX can't win. Not their opinion but they have evidence that they haven't yet given, waiting for the court case. They seem very confident that they haven't acted in a way to breach their own listing rules and that the suspension is actually warranted. The only way i can see this as being true is that they have enough evidence to feel confident. This is where things go pear shaped. To me, and my mate agreed, they can have all the evidence in the world but they are not updating the market or it's shareholders by keeping any of this private. They are a public company that are trading on the ASX and the market cannot be informed if they are not given the market the information needed to assure the market that it is not material. Basically they are saying "trust us" we know what we are doing. Can you imagine if any other company in the market was going through a court case like this and the ASX gave a "please explain" notice an the company replied. It's not material, "trust us"!!!! OMG.
IMO whether it ends up being material or not, the market has no been informed appropriately and therefore the ASX is setting a standard for all other companies to decide themselves what is and isn't material. This is really highlighting that a company cannot run the market and fairly be on that market or be accountable to themselves.They must have someone (ASIC?) decide for them any announcement if it is material or not.
ISX Price at posting:
$1.07 Sentiment: Hold Disclosure: Held
