Ann: Appendix 4E and 2019 Annual Report, page-138

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aniesbaswedan

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29/02/20

08:37

Post #: 43230014
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Originally posted by THGH: ↑

Hi All,

The 2019 Annual Report was an interesting read.

I have read varying opinions over the past few days, so I will add my 2cents.

I still think the points in the SOC are relevant to unfair treatment of ISX and I still believe that ISX have a good case.

My underlying opinion is that the ASX referred ISX to ASIC hence the ASIC investigation re: disclosure and suspension re: ASX and the comments made by the ASX "in consultation with ASIC'.

What troubles me is the draft report. How can this have been presented to ISX on the 6th of December yet the ASIC investigation continues to the 31st December 2019 and beyond. The presentation of the draft report to ISX infers that their investigation is over, yet ASIC is still going. My question around this simply put, are ASX and ASIC looking at different issues?

My next thoughts are, ISX won't be admitting to disclosure infringements in the draft report response as that would give ASIC something to continue their investigation. So where does that leave us?

For me that tells me one possibility is that ASX produced the draft report in response to the Federal Court action initiated by ISX. They were told to lay their cards on the table so to speak.

If the draft report claims there was disclosure breaches to rule 3.1 then the likelihood is that it will stay suspended for the interim as it would appear ISX and ASX maybe at some sort of a stalemate.

We still haven't answered the question as to what events at the ASX led up to the suspension and what concern they had that warranted investigation into any so called issue. The most likely scenario I believe is the information in the OM report and negative media articles.

It maybe cause to ask some query's but is it cause to suspend the company, and or cause to suspend the company for this length of time. As one of the brokers said, why couldn't the query questions have been front loaded instead of investigation type questions that dig deeper with every query notice. This suggests that that the questions were not designed to inform the market but were designed for another purpose. what that purpose was and the intent behind the questions will hopefully come out in court. It also speaks to the procedural fairness and natural justice legal concepts.

Anyway, that's enough rambling. These are my opinions only.

DYOR.

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No. Again, read...

The ASX stated in writing on the 27th of November 2019 that ISX was going to be given a draft finding The draft finding was given to ISX on time. So no the draft finding was not produced in response to the court action, NO.

ISX Price at posting: $1.07 Sentiment: None Disclosure: Not Held
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Ann: Appendix 4E and 2019 Annual Report, page-138

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