My assumption (just a gut feeling) is the Company was intending to announce fluffy broad-brush stuff with few actual details or actual commitment to do anything.
ASIC is cracking down on these sort of announcements. They tend to trigger an immediate SP surge (as the Blue Aqua and CT announcements did). But sometimes don't result in anything. Shareholders buy-in on the expectation these deal will actually lead to something. And when they fizzle (and there's no announcement to confirm as much), they're left holding the bag
SCU was possibly on some ASX/ASIC watch list because of strange SP behaviour over the past several years. When they received a shareholder/s query about Blue Aqua, they probably decided to do a thorough investigation. Investors soften complain the regulator is a paper tiger. We should be grateful they are protecting our interests on this occasion.
Btw, I understand next week shareholder/s will submit a formal request to ASX to investigate SCU disclosures surrounding the Lantene acquisition. In particular, whether the Lantene buck-back provision was a material detail of the agreement, and should have been disclosed in the October 2020 announcement to market, rather than 11 months later in the financial papers.
SCU might soon have its hands full responding to these two sets of queries. If their disclosures are compliant (and I'm sure they are), they have absolutely nothing to worry about and it should be resolved very quickly.
SCU Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
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