My understanding is the court has determined that the validity of the Rules in section 18.8 is irrelevant.
The validity of the Rules, not their application. It doesn't matter that there are arguments against any of the rules. The court decided against that. Meaning ASX has the power to make rules in 18.8. HWL didn't challenge that at the time, and apparently there is no cause to do so now.
What remains at issue is whether they have been fairly applied in terms of the Corporations Act, or even in respect of application consistently with the Rules themselves.
As an aside, HWL ought to be seeking statutory declarations to support ISX claims in respect of prospective clients who chose to do business elsewhere.
Paradoxically, ISX's cause needs commercial success from here on to show up the lost potential. I remain of the view that ASIC should be writing the listing rules and overseeing any suspensions over a month. Otherwise ASX are a power to themselves when all commerce should be subject to Parliament or government agencies.
ISX Price at posting:
$1.07 Sentiment: Hold Disclosure: Held
