Ann: ASX Query Letters re ISX suspension & termination by Visa, page-186

Thanks for your views @aes411. ....

The first point I want to approach is the significance of the Visa termination. It was sufficiently material when securing the Visa principal partnership, therefore the loss of that status is even more 'material' significance. So why did it take ISX 10 days to announce an oblique reference to Visa with misleading information. The contract had been terminated and ISX stated a minimal reference to suspension with no admission that termination had already occurred.

Shareholders should have been informed truthfully of the material nature of the Visa termination, instead we were led to consider the termination over a period as immaterial and no information was provided as to the significant nature of the Visa allegations.

I rate this breach as significant because:

• it gives ASX a line of attack which ISX has enabled.
• It lays suspicion on other comms and causes doubt about the veracity of announcements
• it provides evidence for ASX to place before the court
• It weakens ISX defence, and
• It casts doubt on the reliability of ISX programming.

This is bad for both the business and the court case.

I find your 4 points to be sound arguments and have no argument with any of them. Truly I would think that an AUSTRAC investigation would have been known by ISX and ASX and the latter would have made much of this were it occurring. Although it is also plausible that AUSTRAC would be conducting an investigation covertly.