To be fair, ASX did substantiate conclusively that there were multiple anomalies (and that is being very kind) in the reporting and data coming out of TNC, via their ASX Aware enquiries/follow up. It's on the public record for anyone to see. The process from there should have been the ASX raising their concerns with ASIC - I'd be astonished if that didn't occur given the nature of the breaches.
ASIC then weighs up whether or not to prosecute a case against the company and/or it's directors - ASIC seems to have done nothing. If I was holding at the time of the re-capitalisation event I'd have going through the pain of raising it with ASIC myself, solely off the back of the ASX Aware enquiries. With microcaps it's just a squeaky wheel situation - enough noise about something and they'll likely do something. They are hopelessly underfunded and under-resourced, so alot of stuff goes through to the keeper.
TNC Price at posting:
35.0¢ Sentiment: None Disclosure: Not Held
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