What this reveals is the futility of ASX asking company secretaries why there are unusual movements in share prices.
Last week ASX asked the Allco company secretary whether he had any idea why the share price collapsed ( after already declining for months ). He said he didnt know. The next day it is revealed, in a very incomprehensible way, that a large chunk of several director's holding had been sold in a margin call.
Did the company secretary know this ? Well maybe, maybe not.
What this reveals is a weakness in this ASX enquiry process.
Responses to these enquiries should have to be made by the chairman and CEO's of the companies, not the company secretary, and they should be responsible for their veracity.
What this reveals is the futility of ASX asking company...
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