Ann: SP1 delisted from ASX, page-285

"it was a massive proportion of ISXFEU's profits being pumped into the legal case"

If that case against ASX had a chance of coming off, of course you'd plough those profits in.

I was reviewing a business case today, expected to return a near certainty of 7.5% per annum over 20 years, after tax, inflation adjusted, but an upfront investment of $18M, and returns didn't start until year 3. Easy decision, invest $18M.

The case against ASX might have returned $100M to $466M over 2 to 5 years, depending on damages awarded, appeals, for an investment of $3M. That's a return of 1600% per annum to 3100% per annum.

Higher risk, higher return.

You'd invest in that too, if there was a tiny chance of it coming off.

The fact that they didn't make that $2.7m bet tells you everything you need to know.