Listed companies are supposed to announce market sensitive information immediately. And when immediate disclosure isn't practical, companies are required to place the shares in a TH to prevent the possibility of insider trading. ASX Guidance Note 16 'Trading Halts and Voluntary Suspensions' specifically gives a CR bookbuild process as one example when a TH must be used. There's zero ambiguity here.
Why is the ASX so stringent on this? After all, if a T20 holder give a solemn pinky promise that they won't use the price sensitive information to their own financial advantage, they can definitely be trusted to do the honorable thing, right? Unfortunately, no. People often lose their moral compass when money is involved.
Wasn't it you who told the forum you saw evidence of T20 holder's selling immediately after having been secretly tipped off by company representatives the last CR was about to drop?
