I don't know what you think the problem is or how Management...

I don't know what you think the problem is or how Management reported it, but clearly there was an issue with the deal or the other party and any due diligence by the Management should have foreseen it. The ASX conduct their own due diligence and checks and there is good reason behind any rejection to protect shareholders. I have had my fingers burned before on small ASX plays with potential JV or mergers with companies that have a murky or less than clear due diligence pathway. As a prospective investor, my own checks on our Merger partners did not pass the smell test, why should it then pass the ASX? We have to really question and scrutinize every deal and opportunity. It's not a matter of identifying what went wrong and fixing it, if the due diligence checks don't stack up what exactly are you going to fix? Please do your own checks on the counter parties!