We need to always look at an action in the view of time. It is entirely possible that ISX believed Visa was material when it came into ISX's domain, but it is just as possible that after the ~200 letters back and forth trying to negotiate this with VISA there were other things in place that convinced ISX it was not such a material event at all. And according to ISX's growth and returns, it has not been material. ASX's problem in proving that ISX should have announced it because it was material is because it has not been and because ASX has to get into the mind of the directors at the time to prove they thought it was material and didn't announce it. And ASX can not do that.
And as@Goldphish points out in Post #: 48403374, ASX is far from being even-handed with ISX.
My questions are "why this?" and "why now?" This is almost November and ~5 months later than when ASX receive the 7 (~3.6% out of more than 200) documents related to the commercial dispute. This hardly gives ASX the full picture.
And as @ChillingOut has so aptly said in Post #: 48396373, this is really just a storm in a teacup.
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Ann: ASX Query Letters re ISX suspension & termination by Visa, page-207
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