Ann: Argent to Seek Independent Review of Ausindustry Findings, page-8

Unfortunately I don't think it's an open and shut case, otherwise AusIndustry would not have flagged this. Also applying a penalty seems to indicate that there might have some liberal interpretation of the rules involved by ARD IMO. Even if ARD has some ground to appeal, I doubt it's worth the money and time fighting this, and this would mean another round of dilution. 

ARD has always been a highly speculative investment to begin with, so I expected some rough ride, but this is a bit of blow especially when they were finally getting some traction. Someone probably need to answer how something like this could occur.