SPL (ASX) Potential breach of Listing Rules

Originally posted by sarge17: ↑

Just wondering if anyone else took the time to report Starpharma to the ASX as I did? Remember, NOTHING will ever change if CEOs and Directors of public companies aren’t held to account by shareholders.

So regardless of which company it is, in the future, if something smells fishy, lodge a complaint. If a BOD is not doing their job, vote against the Remuneration Report at an AGM. Do what you can. Otherwise nothing will change.

I received a response from the the ASX Listings Compliance team today which is confidential.

My post on Hotcopper from the 6th July is detailed below:

”Here’s the ASX link if anyone feels strongly enough submit their own query. Maybe more queries leads to more weight but I don’t know. Feel free to use mine as the basis for your content if you are satisfied that it’s reasonable and correct.

https://www.asx.com.au/forms/customerFeedback.html#/reportmisconduct

Letter to ASX:”As a Starpharma shareholder I query whether SPL may be in breach of their disclosure obligations under Listing Rules 3.1 and 3.1A. On 5th July 2021, SPL announced it had received several infringement notices from the TGA alleging unlawful advertising and $93.240 in fines.

Within the announcement SPL said that ”Upon becoming aware of these alleged issues, Starpharma immediately acted to prevent Australian consumers from accessing the alleged infringing information from the VIRALEZETM product website (viraleze.co)…A few observant retail shareholders had already noticed that sometime between 18th and 21st June 2021, (approximately 16 days earlier) SPL had removed the ability of Australian residents to purchase the nasal spray product Viraleze from the company’s www.viraleze.co web store, or even view the web store and were instead getting redirected to Starpharma’s home page. Starpharma did not inform the market of this ‘product restriction’ action.

Initial speculation from a few of us was that it may be a systems glitch, but it was subsequently assumed that it was deliberate move by SPL but we remained none the wiser why or for how long this would continue.

It was only approximately 16 days later on 5th July 2021 that Starpharma made shareholders aware that TGA infringement notices had been received and that immediate actions regarding the Viraleze product and advertising had been taken.

On the day of this disclosure to the ASX (5th July), which was NOT marked price sensitive, the SPL share price fell from the previous day’s closing price of $1.50 to close at $1.37 on heavy volume.I question if SPL may be in breach of continuous disclosure obligations or other related ASX rules during the period 18 June 2021 to 5th July 2021.Yours Sincerely xxxx”

P.S. Short of the broader markets tanking, or a black swan event with our DEP program, I believe the Starpharma share price has found a bottom. Bad news and pessimism regarding Viraleze regulatory issues and also overall frustration of management (in particular CEO Jackie Fairley) is now baked into the share price. EOFY tax loss selling been and gone. The company is fully cashed up so no CR on the horizon. VivaGel-BV sales may surprise on the upside. DEP developments and new partnerships and expanded programs are key in 2nd half of this CY.

P.S.S. Major white swan events (unlikely but possible) in the near term include FDA approval of VivaGel BV triggering upfront payment from ITF Pharma, and have of course a change of control of the company (AKA a take-over). GLTAH

Expand

sarge you mentioned their reply was confidential however may l ask if this reply had any substance for you to be satisfied with or was it the type of waffle you receive from politicians?

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(20min delay)
Last 9.7¢		Change -0.003(3.00%)		Mkt cap ! $40.48M

Open	High	Low	Value	Volume
10.0¢	10.5¢	9.7¢	$111.3K	1.115M

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