Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-7

What avenues do we have to complain and put pressure on these guys? I really don't understand why they aren't just winding it up and paying us out the remaining capital.

To lodge a complaint with the Australian Securities Exchange (ASX) about an Australian listed company, shareholders need to understand that the ASX has a specific role as a market operator and is not responsible for all aspects of company conduct. Many issues fall under the jurisdiction of the Australian Securities and Investments Commission (ASIC) or other bodies. Below are the ways a shareholder can address concerns, including complaints to the ASX, based on the nature of the issue:

1. Identify the Nature of the Complaint:
   • ASX Jurisdiction: The ASX primarily oversees compliance with its Listing Rules, which include obligations like continuous disclosure, periodic reporting, and certain corporate governance standards. Complaints about a listed company’s failure to comply with these rules (e.g., not disclosing price-sensitive information promptly) can be directed to the ASX.
   • ASIC Jurisdiction: Issues such as director misconduct, insider trading, market manipulation, or breaches of the Corporations Act 2001 (e.g., misleading statements affecting share prices) are regulated by ASIC, not the ASX. Shareholders should direct these complaints to ASIC via its online complaint portal (asic.gov.au).
   • Share Registry Issues: Disputes involving share registry services (e.g., difficulties updating shareholding details or accessing records) should first be addressed with the company’s share registry (e.g., Computershare, Link Market Services). If unresolved, shareholders can seek legal advice or contact the Office of the Australian Information Commissioner (OAIC) for privacy-related concerns.
   • Financial Advice or Broker Issues: Complaints about brokers or financial advice (e.g., inappropriate investment advice) should first follow the broker’s two-step complaint process (internal resolution, then external adjudication). If unresolved, these can be escalated to ASIC or the Australian Financial Complaints Authority (AFCA).
2. Lodging a Complaint with the ASX:
   • Report Misconduct: If the issue relates to a listed company’s non-compliance with ASX Listing Rules (e.g., failure to disclose material information that could affect share prices), shareholders can report misconduct to the ASX. The ASX provides a specific process for reporting issuer or participant misconduct, detailed on their website (asx.com.au). Before lodging, review the ASX’s FAQs on reporting misconduct to ensure the issue falls within their scope.
   • Contact ASX Directly: Shareholders can contact the ASX through their official channels, such as the ASX website’s contact form or by phone, to raise concerns about listing rule violations. Provide specific details, including the company name, the nature of the issue, and any supporting evidence.
   • Whistleblower Protections: If the complaint involves sensitive information (e.g., potential market misconduct), shareholders may qualify for whistleblower protections under Australian law. The ASX encourages reporting such issues and may direct you to ASIC if the matter falls under their purview.
3. Engage with the Company Directly:
   • Before escalating to the ASX or ASIC, shareholders should attempt to resolve issues directly with the company. As a shareholder, you are entitled to:
     • Access company announcements on the ASX to verify disclosures.
     • Inspect the company’s register or request a general meeting (if you hold at least 5% of voting shares).
     • Contact the company’s investor relations team to raise concerns about governance or disclosure practices.
   • If the company’s constitution is breached (e.g., denying shareholder rights), this is a private contractual matter, and shareholders may need to pursue mediation or legal action.
4. Escalate to ASIC if Necessary:
   • If the issue involves suspected breaches of the Corporations Act (e.g., director duties, misleading disclosures, or failure to provide access to company records), shareholders should lodge a report of misconduct with ASIC via their online portal. ASIC uses these reports for intelligence but may not investigate every case unless it aligns with their enforcement priorities.
   • For example, if a company fails to disclose information that materially affects share prices (as required under ASX Listing Rules and the Corporations Act), this can be reported to ASIC.
5. Seek External Resolution:
   • Australian Financial Complaints Authority (AFCA): For complaints about financial products or services (e.g., misleading advice or incorrect fees related to shareholdings), shareholders can contact AFCA if the provider is a member.
   • Legal Advice: For disputes about shareholder rights (e.g., access to company books or unfair treatment), consult a legal adviser or contact the Law Society in your state or territory.
   • Class Actions: If the issue affects multiple shareholders (e.g., misleading disclosures causing financial loss), consider joining or initiating a class action lawsuit. Legal firms often advertise such opportunities when significant breaches occur, as seen in cases like the Commonwealth Bank of Australia’s disclosure failures.
6. Exercise Shareholder Rights:
   • Shareholders with at least 5% of voting shares can propose resolutions or request a general meeting to address concerns (though resolutions directing the board’s actions may be dismissed if they interfere with management powers).
   • Review the company’s constitution and ASX announcements to ensure your rights (e.g., voting, access to records) are being upheld.

Key Notes:

• The ASX does not handle disputes about director duties, market manipulation, insider trading, or share registry services—these go to ASIC or other bodies.
• ASIC does not resolve individual disputes or recover money but uses reports to detect systemic issues.
• Always document your concerns and attempts to resolve them with the company or share registry before escalating.
• For ASX-specific complaints, visit www.asx.com.au for reporting guidelines. For ASIC, use www.asic.gov.au to lodge a misconduct report.

If you have a specific issue (e.g., a particular company or type of misconduct), provide more details, and I can tailor the guidance further.

Disclaimer: Grok is not a lawyer; please consult one. Don't share information that can identify you.