Off Topic topics, page-134

Look to be honest a few things apparently were revealed in that process.

We have to remember that the auditor was on a list provided by the ASX. They were approved to complete the sort of work that the ASX requested ISX to undertake.

Here a few key takeaways.

• Partners of auditor engaged and guided audit.
• Scope set and agreed upon by all parties. You obviously need a scope of work aligned to the original intent of the ASX request. This is a professional and significant company so they are not interested in piecemeal orders.
• ASX through the then compliance dude, whatever his name was, tried to amend the terms and outcome of the audit without engaging ISX. The auditing partner pushed back aggressively suggesting that it was highly inappropriate. Naturally it was and by coincidence or not, he is no longer there.
• They didn't find anything that would substantiate ASX claim to the degree that the company should remain suspended. End of story.

In addition to the above, the whole spitballing episode by the same compliance dude was just incomprehensible to say the very least. Part of the culture of the time I guess. Their legal team also warned against such an erroneous SOR, which was refreshing to hear. Obviously the legal dudes need to be careful with their assertions in court and can't file known lies or deliberate embellishments, so I'd say they were mostly on the money.

Regardless, the onshore company is now a shell and offshore is where the play is now. Whatever happens locally, because its a civil matter essentially, won't cause many ripples offshore because they have operated successfully and without regulatory intervention at any point. I think when the market turns, and capital becomes more available, ISXEU will do well.

Blackrock recently makes mention of the tough capital market environment, so it goes without saying, if the worlds biggest player thinks its the wrong time to do anything but sit and drive business, then its probably a fair bet that someone like ISXEU should do they same. I believe that is what their current approach is. Maybe I am wrong.