Ann: Breach of ASX Listing Rule 10.11, page-4

This is an embarrassing corporate governance failure. The tone of the announcement where the Company Secretary implies ASX is being unreasonable is also embarrassing, Listing Rule 10.11 could not be more clear that this is not allowed:

"Exception 1 only applies to securities taken up as part of a pro rata issue. It does not apply to a person taking up all or part of the shortfall of a pro rata issue. For example, a director who has taken up their entitlement in a pro rata issue cannot take up shortfall securities under this exception, even if the shortfall is allocated on a pro rata basis to those participating in the shortfall."